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Telecommunication

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).

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