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December 26, 2007 |
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PHIL. LONG DISTANCE: Wants to Clear Up Foreign Ownership Issues The Philippine Long Distance Telephone Co. wants to resolve all foreign ownership issues cleared up before resuming negotiations with the Japan NTT Group for the latter's possible acquisition of additional shares in PLDT, the Philippine Star reports. According to PLDT chairman Manuel Pangilinan, they want to resolve any doubts raised on the extent of foreign ownership in the company before allowing NTT to increase its shareholdings, the Star relates. However, Mr. Pangilinan said they are confident that foreign equity in PLDT remains below the constitutional limit, the newspaper added. The NTT Group, the report says, seeks to hike its ownership in PLDT to 20% through its subsidiary NTT DoCoMo. Atty. Wilson Gamboa had earlier questioned in court the government's sale of its 46% stake in the Philippine Telecommunications Investment Corp. to Hong Kong-based First Pacific Corp. for PHP25.2 billion, the Star relates. The acquisition also brought into question FPC's 27.93% in PLDT, the report added. Specifically, the Star reports, Atty. Gamboa questioned the foreign equity in PLDT, which had reportedly exceeded the 40% ceiling under the Philippine Constitution for a telecommunications company. Based in Makati City, Philippines, Philippine Long Distance Telephone Co. -- http://www.pldt.com.ph/ -- is the leading national telecommunications service provider in the Philippines. Through three principal business groups -- wireless, fixed line, and information and communications technology -- the company offers a wide range of telecommunications services to over 22 million subscribers in the Philippines across the nation's most extensive fiber optic backbone and fixed line, cellular and satellite networks. * * * As of November 7, 2007, Philippine Long Distance Telephone Company carried Fitch Ratings' long-term foreign currency issuer default and senior notes ratings of 'BB+'. The company also carries Standard & Poor's 'BB+' foreign currency rating, as well as Moody's Investors Service's foreign currency bond rating of Ba2. |
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