PLDT sells 75% of its towers
Philippine telco giant PLDT Inc. announced 75 per cent sale and leaseback transaction of 4,435 towers out of 5,907 having been transferred to the tower companies.
PLDT also liquidated the related passive telecommunication infrastructure for P77 billion announced last April 19, 2022 with accumulated proceeds to utilized to pay debts, and support operating and capital expenditures.
“The transaction is timely as it allows PLDT to avoid additional debt against a backdrop of a rising interest rate environment,” the telecommunications company said to the media.
The company expects additional closings before the end of the year, with final closing anticipated to be completed by Q1 2023.
