Metro Manila (CNN Philippines, March 3) — Telco giant PLDT sees gaining over ₱50 billion from the sale of 50% of its tower assets, with the proceeds targeted to slash debt, executives of the company said.
At a virtual briefing, PLDT chairman Manuel V. Pangilinan said investors seek to buy half of the company’s 12,000 towers.
“We’re pleased to report that the bids we’ve received are north of the ₱50 billion, so that should provide us with a bit of liquidity to reduce debts moving forward,” the tycoon said.
“There’s really been no financial pressure for PLDT to sell assets,” he said. “When we were approached, we looked at it.”
In August 2021, the top official expressed openness to dispose of part of PLDT’s towers.
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The telco titan initially attracted 19 bidders, but the number was later cut to six bidders, PLDT president Alfredo Panlilio said.
He noted that the bidders are “common tower players,” who have “massive investments globally”.
Two contract deals will be awarded, composed of 3,000 towers each, Pangilinan said. PLDT chief financial officer Anabelle Chua said the group is only selling its physical tower structures and passive equipment.
The deals are expected to be awarded within the second quarter of this year.
The move also complements the government’s common tower policy, as PLDT plans to rent the towers on a monthly basis once the deals are completed.
Also on Thursday, PLDT said its core telco net income went up 8% to ₱30.2 billion in 2021.
Its total service revenues also increased by 6% to ₱182.1 billion against the ₱171.5 billion booked a year earlier.
For this year, PLDT has decided to keep its capital expenditures at ₱76 billion to ₱80 billion, lower than the ₱89 billion spent in 2021.
