DoCoMo buys into PLDT

i.t.matters
Friday-Saturday March 10-11, 2006 | MANILA, PHILIPPINES

DoCoMo buys into PLDT

NTT Communications, Inc. yesterday sold to sister company NTT DoCoMo, Inc. its 7% stake in Philippine Long Distance Telephone Co. (PLDT) through a block sale worth P23 billion.

This development came on the same day when PLDT Chairman Manuel V. Pangilinan bought 1,000 additional shares in PLDT valued at P1.8 million.

Mr. Pangilinan bought 500 PLDT shares at P1,820 per share, 300 shares at P1,815 per share and 200 shares at P1,810 per share. He now has a total of 208,279 acquired PLDT shares and has not disposed any of his shares.

Meanwhile, NTT Communications sold to DoCoMo some 12.63 million common shares of PLDT at P1,824.86 per share.

In so doing, a DoCoMo nominee will replace one of the current NTT Communications’ PLDT director nominee.

NTT Communications retains 7% equity holding in PLDT.

Ramon Isberto, spokesperson for the PLDT Group, confirmed the block sale, noting that the transaction was an exercise of the two companies’ January 2006 agreement.

In January, the Japanese mobile operator agreed with NTT Communications to purchase half of its stake in PLDT for $440 million. -- Kerlyn G. Bautista