JG Summit Holdings Inc., said it acquired $138.82 million of PLDT Inc., shares to raise its total interest in the telco company to 11.23 percent from 7.97 percent.
The acquisition was made through the purchase 7.05 million American Depository Receipts (ADR) at $19.70 apiece, converted to 7.05 million shares of PLDT as well, “JG Summit considers this transaction as a valuable investment since PLDT, Inc. has historically paid good dividends,” the company said.
“PLDT, Inc. is an integrated telecommunications service provider in the Philippines with its business activities categorized into three units: wireless, fixed line, and others. It operates the Philippines’ most extensive fiber optic backbone and fixed line, and cellular network.
PLDT, Inc.’s wireless services are marketed under the Smart, TNT, and Sun Cellular brands, while its fixed line services are marketed under PLDT HOME and PLDT Enterprise,” it added.
The acquire shares amount to a 3.26 percent additional stake by JG Summit in the company.
In December JG Summit said it has partnered with the division of German logistics group DHL, DHL Supply Chain, for the putting up of “best-in-class transport and distribution solutions” for Philippine-based and international businesses in the country “The joint venture company – DHL Summit Solutions, Inc. – leverages the strengths of both parties to enhance domestic transportation operations to improve safety, compliance and customer experience in the Philippines,” the company said.
Lance Gokongwei, JG Summit president, said the joint-venture is anchored on the projected six percent growth of the Philippines.
“The Philippines economy is expected to grow by 6 percent year-on-year and businesses will need to invest in world-class logistics and warehousing services to stay ahead of the competition,” he said.
“With our diverse business portfolios and local networks, we are committed to help homegrown and international companies in the
Philippines achieve their next phase of growth. Working with DHL is the ideal move for us, as we leverage their global footprint and tap onto their expert knowledge to provide integrated industry-leading services,” he added.