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Friday, March 29, 2024

JG Summit acquires P7-b additional stake in PLDT

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JG Summit Holdings Inc. of the Gokongwei Group said Tuesday it acquired another 3.26-percent stake in PLDT Inc. worth $138.53 million, or P7.05 billion, raising its total interest in the country’s largest telecom company to 11.23 percent. 

The holding company of the Gokongwei family said in a disclosure to the stock exchange it bought 7.046 million common shares of PLDT at a price of $19.70 apiece through the purchase and conversion of 7,046,979 ADRs (American depository receipts) of PLDT. As a result of the additional 3.26-percent shares, the shareholdings of JGS in PLDT reached 11.23 percent.

“JGS considers this transaction as a valuable investment since PLDT Inc. has historically paid good dividends,” the conglomerate said. 

“The acquisition of the common shares of PLDT Inc. will not have any adverse effect on the financial condition of JGS,” it said. The Gokongwei family sold its own telecom business to PLDT in 2011.

JG Summit has interests in airlines, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development and logistics. 

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PLDT earlier reported a net income of  P16 billion in the first nine months of 2019, down 2 percent from the same period in 2018. 

Core income increased 1 percent in the nine-month period to P19.4 billion, excluding the impact of equity in losses from Voyager and gains from the sale of Rocket Internet shares. 

Consolidated service revenues rose 8 percent to P116.3 billion, the highest nine-month revenue ever attained by PLDT and surpassing the 2014 peak.

The company’s three major business groups”•consumer wireless, PLDT Home and PLDT Enterprise”•generated P109.4 billion in revenues, up 11 percent from a year earlier and making up 94 percent of total service revenues. 

Consumer wireless set the pace, climbing 20 percent to P52.6 billion. Data and broadband, representing 66 percent of total service revenues, jumped 20 percent to P76.7 billion.

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