PLDT acquires 51% stake in Philippine Star—report
Manuel V. Pangilinan INQUIRER FILE PHOTO
MANILA, Philippines—Philippine Long Distance Telephone Co. confirmed on Wednesday that its pension fund has acquired a controlling stake in The Philippine Star, one of the country’s largest newspapers, adding to its expanding media portfolio.
PLDT said in a stock exchange filing that MediaQuest Holdings Inc., through wholly owned Hastings Holdings Inc., would increase its ownership in The Philippine Star to 51 percent (not 60 percent as previously revealed by its official) upon the closing of the deal. MediaQuest, which owns other media assets in the country including controlling stakes in TV5 and Businessworld and a minority stake in The Philippine Daily Inquirer, is wholly owned by the PLDT Beneficial Trust Fund.
Earlier, PLDT chair Manuel V. Pangilinan said on Monday that his group sealed an agreement to acquire up to 60 percent of The Philippine Star, which has been controlled by the Belmonte family over the years.
Pangilinan declined to elaborate on price although previous reports estimated the deal at more than P4 billion.
PLDT, the country’s biggest telecommunications firm, is a unit of Hong Kong-listed First Pacific Co. Ltd, where Pangilinan serves as CEO. First Pacific, controlled by the Salim family of Indonesia, has been increasing its exposure in Philippine infrastructure and natural resources.
Its flagship unit, Metro Pacific Investments Corp., owns key assets like North Luzon Expressway, Manila Electric Co. (together with PLDT), Maynilad Water Services Inc. and various hospitals across the country.
First Pacific is also the single-biggest shareholder of Philex Mining Corp., the largest gold producer in the Philippines.
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