JG Summit hikes stake in PLDT to 11.23%

GOKONGWEI-LED JG Summit Holdings Inc. (JGS) has acquired 7,046,979 common shares of PLDT Inc. at a price of US$19.70 per share through the purchase and conversion of 7,046,979 ADRs of PLDT Inc.

According to its disclosure, the acquisition of the common shares of PLDT Inc. will not have any adverse effect on the financial condition of JGS.

As a result of such acquisition, the shareholdings of JGS in PLDT Inc. will be 11.23 percent. PLDT Inc. is an integrated telecommunications service provider in the Philippines with its business activities categorized into three units: wireless, fixed line and others.

It operates the Philippines’ most extensive fiber optic backbone and fixed line and cellular network. (PR)