Cojuangco’s family was earlier stripped of its indirect ownership of 6.4 percent of PLDT when the Supreme Court held that the Cojuangco-owned Prime Holdings Inc. (PHI), which owns a 46 percent stake in Philippine Telecommunications Investment Corp. (PTIC) – the owner of the 6.4 percent stake in PLDT, is a dummy corporation for the late President Marcos.
The High Court has also ordered the reconveyance in favor of government of PHI’s stake in PTIC, estimated to be worth more than P25 billion.
In his letter to PLDT chairman Manuel Pangilinan, Cojuangco noted that "it is with a tinge of sadness that I take my leave effective January 7, 2007 as a member of the board of this prestigious institution."
"It is the proper time and my decision is the appropriate thing to do. I take with me many years of memories and experience on which I can reflect through my lifetime. I wish the board continued success in steering this institution in the coming years," he added.
The remaining 54 percent of PTIC is held by the Hong Kong-based First Pacific Co. Ltd,. which together with Japan’s NTT Group, intends to match the P25.2 billion bid put up by a Singaporean group for the 46 percent stake in PTIC.
First Pacific, which acquired its majority stake in PTIC also from the Cojuangco group, has a right of first refusal over any disposition of shares in PTIC.
The highest bid for these shares stood at P25.2 billion, posted by Singaporean hedge fund Parallax Venture Fund XXVII.
Pangilinan, who is also the managing director of First Pacific, said in an interview, First Pacific will simply match the bid, no more no less. "We have to exactly match. It cannot be more, although we want to pay more. We can only match. We are not allowed to bid higher or lower," Pangilinan emphasized.
First Pacific intends to match the offer as soon as it receives the notice to match from the Department of Finance.
FPC and NTT have partnered to acquire the additional 6.4 percent stake (or 3.2 percent each) in PLDT to raise their combined shareholdings to 44 percent. Pangilinan said that as part of one consortium in PLDT, First Pacific decided to invite NTT to participate in the opportunity to acquire additional shares in PLDT.
Earlier, the First Pacific top official told The STAR that it makes sense for them to acquire the remaining stake in PTIC in order to consolidate First Pacific’s ownership in PTIC.