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Manila Bulletin devider Business devider PLDT achieves 75% closing of towers deal

PLDT achieves 75% closing of towers deal

Published Oct 3, 2022 03:52 pm

PLDT, Inc. said it has transferred the ownership of 4,435 towers to tower companies for P57.7 billion.

In a statement Monday, Oct. 3, PLDT said this constitutes 75 percent of the 5,907 towers covered by its April 19, 2022 sale and leaseback transaction worth P77 billion.

Proceeds from the sale of the towers would be used to pay down debt, and support operating and capital expenditures.

The transaction is timely as it allows PLDT to avoid additional debt against a backdrop of a rising interest rate environment, the telco stated.

In addition, a portion of the towers sale proceeds amounting to P9 billion was earmarked as special dividends, of which P6 billion, equivalent to P28 per share, was paid out to shareholders on September 5, 2022.

PLDT expects additional closings before the end of the year, with final closing anticipated to be completed by first quarter, 2023.

Sale of telecom towers in addition to the 5,907 towers sold, or committed to be sold, is currently under evaluation.

PLDT pioneered the sale and leaseback of towers in the Philippines.

This was in support of the key policy of the Department of Information and Communications Technology under the Department’s Circular No. 008 promoting the colocation and sharing of common towers aimed at connecting more Filipinos through a more cost-efficient ICT infrastructure.

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