PLDT completes sale of Rocket Internet shares

Telecommunications firm PLDT has completed its divestment from German-based Internet company Rocket Internet.

Photo credit: PLDT

In its disclosure to the Philippine Stock Exchange (PSE) Monday, PLDT announced that Rocket Internet has accepted 6.8 million Rocket shares tendered by PLDT Online Investments at the offer of 24 euros (EUR) per share for a total amount of EUR 163.2 million.

“As a result of the sale, PLDT Online’s equity ownership in Rocket was reduced from 6.1% to 2%,” according to PLDT. Rocket Internet is expected to settle the payment on or before May 14, 2018.

PLDT has earlier said that the proceeds of the sale will finance its capital expenditures for this year amounting to P58 billion that will be allocated for the expansion of its mobile and broadband networks.

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