PLDT gets P13.2B from new tranche of asset sale

Telecom giant PLDT Inc. has transferred about a thousand cell towers to buyers as part of a landmark P77-billion sale and leaseback deal announced last April. PLDT was paid P13.2 billion for the sale of 1,013 sites. It has so far transferred 68 percent of the total 5,907 towers covered in the transaction. “PLDT anticipates additional closings over the next few months based on number of towers being transferred, with final closing expected by fourth quarter 2022,” it said in a stock exchange filing on Monday. The company earlier agreed to sell the cell sites to independent tower companies edotco Group unit ISOC edotco Towers Inc. and EdgePoint subsidiary Comworks Infratech Corp. The company would then lease back the towers from the operators, which would also be free to rent the sites to other telecommunications companies. Last June, PLDT said it was paid P39.2 billion for the initial transfer of 3,012 telecom towers. Proceeds from the transaction would mainly be used to reduce the company’s debts and support its expansion. The sale was also in step with the Department of Information and Communications Technology’s push for the use of independently-operated cell towers. Most of the country’s cell towers are still operated by PLDT, Globe Telecom and Dito Telecommunity.
By making the rollout of towers more efficient, the DICT hopes cost savings would be passed on to their subscribers.