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Manila Bulletin devider Business devider The Stock Market devider PLDT to invest P2 B in Meralco's telco subsidiary

PLDT to invest P2 B in Meralco's telco subsidiary

Published Feb 1, 2024 07:03 am

PLDT Inc. announced that it will invest P2.12 billion in the Manila Electric Company's (Meralco) wholly-owned subsidiary telecommunications unit Radius Telecoms Inc. as it continues to expand and strengthen its position and presence in the market.

In a disclosure to the Philippine Stock Exchange (PSE) on Jan. 31, the telco said its Board of Directors has approved its subscription to 2.5 million shares of Radius’ common stock which represents 34.9 percent equity interest in Radius.

The purchase price of the proposed investment is valued at P2.12 billion.

Radius is owned by Paragon Vertical Corporation, which is a subsidiary of Meralco's e-Meralco Ventures, Inc. It's operations include construction, installation, operation, and maintenance of telco services.

Through the investment, PLDT will be “capitalizing on Radius’ 100 percent fiber facilities spanning 150 enterprise buildings, over 200 residential multi-dwelling units and more than 200 villages.”

It aims to provide extensive network coverage and improve services for both PLDT and Radius subscribers.

The investment is still subject to due diligence reviews, procurement of internal corporate and regulatory approvals, and execution of definitive agreements.

Previously, PLDT’S offer to buy 100 percent of Sky Cable Corporation's issued and outstanding capital stock was approved by the Philippine Competition Commission (PCC). The acquisition focused on leveraging Sky's broadband business and related assets to enhance mutual services. 
 

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