PLDT sells fourth portfolio of cellular towers for P12.1B
MANILA, Philippines – PLDT Inc. sold 1,012 towers for over P12.1 billion, its fourth transaction of this kind, to Frontier Tower Associates Philippines in line with the telco giant’s asset-light strategy.
On Friday, the listed company said it had signed the sale and leaseback agreement with the subsidiary of Pinnacle Towers Pte. Ltd. for the towers primarily located in Luzon.
The deal covers a lease back period of 10 years. The transaction is expected to be completed this year.
Following this agreement, the telco giant has now monetized over 7,5000 towers for P98 billion.
“This transaction cements our relationship with one of the largest independent tower companies in the country, providing the group with another important partner to support our expansion, while unlocking additional value,” PLDT chair Manuel Pangilinan said.
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