THE PLDT group on Monday stated it not too long ago acquired P57.7 billion from the sale of 4,435 telecom towers.
“As of Oct. 3, possession of a complete of 4,435 towers or 75% of the 5,907 towers coated by the sale and leaseback transaction had been transferred to the tower firms,” PLDT, Inc. stated in a disclosure to the inventory change.
“Proceeds from the sale of the towers could be used to pay down debt, and assist working and capital expenditures,” it added.
The group is at the moment finding out the “sale of telecom towers along with the 5,907 towers.”
The group introduced in April that its subsidiaries, Good Communications, Inc. and Digitel Cell Philippines, Inc., had signed sale and buy offers in reference to the sale of 5,907 telecom towers and associated passive telecom infrastructure for P77 billion to the subsidiaries of worldwide telecommunications infrastructure providers firms edotco Group and EdgePoint.
The 5,907 towers — nearly half of PLDT’s complete tower portfolio — are unfold throughout the Philippines, with 2,973 being acquired by ISOC edotco Towers, Inc., a subsidiary of edotco Group, and a pair of,934 towers by Comworks Infratech Corp., a subsidiary of EdgePoint.
“The transaction is well timed because it permits PLDT to keep away from further debt in opposition to a backdrop of a rising rate of interest setting,” PLDT stated.
“PLDT expects further closings earlier than the tip of the 12 months, with final closing anticipated to be accomplished by the primary quarter of 2023,” it added.
PLDT shares closed 1.19% decrease at P1,490 apiece on Monday.
Hastings Holdings, Inc., a unit of PLDT Useful Belief Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld by way of the Philippine Star Group, which it controls. — Arjay L. Balinbin