First Pacific buys PLDT shares for $74.1M

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First Pacific buys PLDT shares for $74.1M
Posted: 2:06 AM | Jan. 20, 2006

XFN-Asia

HONG KONG-based conglomerate First Pacific Co Ltd. said Thursday it bought an additional 2.425 million shares in Philippine Long Distance Telephone Co. (PLDT), representing about 1.3 percent of the total issued PLDT common shares, for 74.1 million dollars.

It said the purchase was intended to minimize the dilutive impact of the conversion of outstanding PLDT convertible preferred shares and share options into new common shares on its investment in PLDT.

Before the purchases on the open market, done between June 2 and Jan. 17, First Pacific had a 24.2-percent stake in PLDT. After the acquisition, its stake became 24.1 percent.

PLDT said earlier Thursday that the shareholdings of First Pacific and two other big shareholders shrank last month as a result of an increase in its outstanding common shares.

It said Metro Pacific Resources Inc, a unit of First Pacific's Philippine holding firm Metro Pacific Corp., dropped to 9.47 percent at end-December from 9.87 percent in November.

The holdings of Japan's NTT Communications Corp. fell to 13.98 percent at end-December from 14.57 percent in November.

NTT owns a total of 25.27 million PLDT common shares.

Holding firm Philippine Telecommunications Investment Corp.'s holding fell to 14.40 percent at end-December from 15.01 percent in November, PLDT said. With INQ7.net

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