PLDT to buy 51.5 percent of Sun Cellular operator Digitel
Lance Gokongwei, JG Summit Holdings president and chief operating officer; John Gokongwei Jr., JG Summit Holdings founder and chairman emeritus; Manuel Pangilinan, PLDT board chairman; James Go, JG Summit Holdings chairman and chief executive officer; and Polly Nazareno, PLDT president and chief executive officer
(SPOT.ph) Philippine Long Distance Telephone Co. (PLDT) announced today that it is acquiring 51.5 percent of shares worth P69.2 billion from Digitel Telecommunications Philippines Inc., which handles Sun Cellular, reports GMA News Online.
According to the report, the shares will be "paid through an offering of new shares at P2,500 each to JG Summit Holdings, mother company of Digitel." The total transaction is set at P74.1 billion, assuming minority shareholders agree to the buy-in. The acquisition process is expected to be complete by the second quarter this year, reports GMA News Online.
PLDT said it is planning to keep Sun Cellular separate from its two telecommunication firms Smart and Red Mobile. They said they will make PLDT’s services, particularly offerings on 3G and broadband, available to Digitel subscribers.
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