JG Summit hikes stake in PLDT to 11.23%

January 7, 2020

JG Summit Holdings Inc. on Tuesday said it bought PLDT Inc. shares worth $138.53 million or P7.05 billion, raising its stake in the firm to 11.23 percent.

The Gokongwei-led company told the Philippine Stock Exchange it acquired 7.046 million common shares of PLDT Inc. at a price of $19.70 per share through the purchase and conversion of 7,046,979 American Depositary Receipts (ADRs) of PLDT, Inc.

“JGS considers this transaction as a valuable investment since PLDT, Inc. has historically paid good dividends,” the company said.

“The acquisition of the common shares of PLDT, Inc. will not have any adverse effect on the financial condition of JGS,” it added.

In 2011, the Gokongwei family sold its telecom business to PLDT. DMS