ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
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).

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more