Salim to sell PLDT stake<\/p>\n
The Salim Group has agreed to sell their controlling
\nshareholding in Philippine Long Distance Telephone Co. (PHI) and
\nthe Fort Bonifacio central business district to Philippine tycoon
\nJohn Gokongwei, the Philippine Daily Inquirer reported Friday.<\/p>\n
The Salim's interest in the Philippines is held by its Hong
\nKong-based holding company First Pacific Co. (H.FPC), which has a
\n31.5 percent voting interest in PLDT and controls the majority of
\nMetro Pacific's Fort Bonifacio project in Manila.<\/p>\n
The sale was forged apparently over the objection of the Salim
\nGroup's point man in the Philippines, PLDT and Bonifacio Land
\nCorp. president and chief executive Manuel Pangilinan, according
\nto official sources quoted in the report.<\/p>\n
Pangilinan arrived from Tokyo Thursday evening, where he was
\nsupposed to have met with PLDT partner NTT Communications to
\napprise them of the Gokongwei-Salim deal. NTT Communications has
\na 15 percent stake in PLDT.<\/p>\n
\"In effect, the low-key Salims have decided to cut their
\nlosses and agreed to sell their crown jewels in the Philippines
\nto an offshore company controlled by Gokongwei,\" the report said.<\/p>\n
The agreement was apparently hatched by Gokongwei and the
\nSalim Group themselves, with both parties signing a memorandum of
\nagreement unaided by the usual coterie of investment bankers, the
\nreport said.<\/p>\n
According to the grapevine, Pangilinan was present, despite
\nhis objections, during the final stages of the negotiation, which
\nwas concluded overseas last week, apparently in Hong Kong, the
\nreport said.<\/p>\n
The report was made by business columnist Victor Agustin, a
\nformer central bank spokesman. -- Dowjones<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/salim-to-sell-pldt-stake-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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