ePLDT sells 27% stake to Philweb

MANILA, Philippines - ePLDT, a unit of telecommunications giant Philippine Long Distance Telephone Co. (PLDT), has sold 93.46 million shares for P1.015 billion to Roberto V. Ongpin’s gaming solutions provider Philweb Corp.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, PLDT said the share sale is in line with a share purchase agreement between ePLDT and Philweb in July last year.

Under the share purchase agreement, ePLDT would sell 397 million shares to Philweb.

The 397 million shares represent a 27 percent stake.

“On June 13, 2013, ePLDT and PCC (Philweb Casino Corp.) transacted the third tranche of Philweb shares totaling 93.46 million by means of a block sale through the facilities of the exchange,” PLDT corporate secretary Lourdes Rausa-Chan said.

“The total price paid for this third tranche is P1.015 billion or P10.863 per share computed at a base price of P10.70 per share with an adjustment of three percent per annum,” she said further.

PCC is a subsidiary of Philweb.

The first tranche of the transaction was completed in July last year. It covered the sale of 93.458 million shares at a price of P10.70 each.

The second tranche involving another 93.458 million shares amounting to P1 billion was completed in October.

The final tranche is expected to be completed by the end of this year.