Two firms to acquire 5,907 PLDT towers for P77B - BusinessWorld Online

The group’s subsidiaries, Smart Communications, Inc. and Digitel Mobile Philippines, Inc., signed the sale and purchase deals with the subsidiaries of international telecommunications infrastructure services companies edotco Group and EdgePoint, PLDT said in a disclosure to the stock exchange.

“We do not need to borrow P24.5 billion that will be used for capital expenditures and other investment requirements. Originally, based on our plans, we would have had to borrow; but this time, we can avoid doing that with the proceeds that we’ll generate from this transaction,” she noted. The transaction was signed on Tuesday. PLDT expects staggered closing because of the number of towers being transferred.PLDT Chairman Manuel V. Pangilinan in March said the bids the company had received for its towers were “north of the P50-billion mark.”

edotco Group, which has more than 54,000 towers across nine countries in Asia, and EdgePoint, which owns around 10,000 towers across Indonesia and Malaysia, will “bring to bear global best practices and technologies in operating the towers which should translate into better network quality, higher resilience and faster recovery from typhoons and other natural calamities,” PLDT said.

“The sale and leaseback will be complemented by a new tower build commitment of 1,500 towers in total over the next few years,” it added.

Source: News Formal (newsformal.com)

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