Philippines telecoms operator PLDT arranged the sale and redevelopment of various offices in Makati City to raise funds, BusinessWorld reported.
CFO Anabelle Chua, said the sale of a 36-story building in the centre of Manila’s business district could bring in between PHP3 billion ($57.8 million) and PHP5 billion, which will be used to finance an increase in capex.
The operator is in talks with NTT Realty, the property arm of NTT Group, about the plans.
Manuel Pangilinan, PLDT chairman and CEO (pictured, centre), said: “They’re very keen to redevelop. We’re proceeding with the redevelopment plans for the two buildings, and then we said we would like to sell Smart Tower,” the newspaper wrote.
NTT Docomo and NTT Communications together hold a 20.35 per cent interest in PLDT, which is the parent of mobile player Smart Communications.
PLDT aims to increase capex from PHP58.4 billion in 2018 to PHP78.4 billion this year: in Q1 the figure nearly doubled year-on-year to PHP12.2 billion.Subscribe to our daily newsletter Back