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Philippine telecom PLDT sells towers to Malaysian firms for $1.5bn

Company shareholders set to receive special dividend

Philippine telecom company PLDT hopes the sale of around half its cellular towers to two overseas companies will help it raise cash to better compete with rivals like Dito Telecommunity.   © AFP/Jiji

MANILA -- PLDT, the Philippines' largest telecom company, on Tuesday said it will sell about half its cellular towers to two Malaysian companies for 77 billion Philippine pesos ($1.47 billion).

PLDT will sell 2,973 towers and related passive assets to a unit of Edotco Group and 2,934 towers to a unit of EdgePoint, representing about half its telecom towers. PLDT will lease the towers back for 10 years as the main tenant. The transactions are expected to be concluded in the fourth quarter of this year.

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