NTT Docomo is investing additional shares of PLDT worth about $263 million to maintain it's stake of 20% of the Philippine Long Distance Telephone Company (PLDT). PLDT's planned acquisition of a majority stake in Digital Telecommunications Philippines Inc. via a share swap have affected this decision.
The press release;
TOKYO, JAPAN ”- NTT DOCOMO, INC. announced today that it has signed an option agreement with JG Summit Holdings, Inc. (JG SUMMIT) to trade about 2% of the total issued and outstanding shares of Philippine Long Distance Telephone Company (PLDT), worth an estimated about 263 million U.S. dollars or about 21.6 billion Japanese yen as of April 28, 2011.
The option to acquire the additional shares from JG SUMMIT must be exercised within 30 days of the shares being listed with the Philippine Stock Exchange.
The move is aimed at maintaining the NTT Group™s cumulative stake at about 20% following PLDT™s planned acquisition of a majority stake in Digital Telecommunications Philippines Inc. via a share swap announced on March 29. PLDT will issue its new shares after the acquisition, which is planned to be completed by the end of this June. NTT Communications Corporation, a sister company of DOCOMO in the NTT Group, also owns PLDT common stock.
DOCOMO will further strengthen its operational ties with PLDT and its wholly owned mobile communications subsidiary Smart Communications, Inc., aiming to increase the corporate value of both entities through the efforts of a joint business cooperation committee involving the three companies.
DOCOMO, since acquiring about 7% of PLDT in March 2006, has been steadily raising its share as part of building a comprehensive partnership with PLDT. The NTT Group™s combined shareholding rose to over 20% in February 2008.
- NTT DOCOMO is a world-leading mobile operator and growing provider of comprehensive services centered on mobility. The company serves over 58 million customers in Japan via advanced wireless networks, including a nationwide 3G network and one of the world̢۪s first commercial LTE networks. Leveraging its unique capabilities as a mobile operator, DOCOMO is a leading developer of cutting-edge technologies for NFC mobile payments, mobile GPS, mobile TV, intuitive mobile assistance, environmental monitoring, smart grids and much more. Overseas, the company provides technical and operational expertise to eight mobile operators and other partner companies. NTT DOCOMO is listed on the Tokyo (9437), London (NDCM) and New York (DCM) stock exchanges. Please visit www.nttdocomo.com for more information
Published in M2 PressWIRE on Friday, 13 May 2011
Copyright (C) 2011, M2 Communications Ltd.
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