PLDT Inc. said Monday it completed the sale of 1,013 more cell sites to two international tower operators for P13.2 billion.
PLDT said the deal was part of the sale and purchase agreements with ISOC edotco Towers Inc. and Conworks Infratech Corp., a subsidiary of EdgePoint, involving 5,907 towers for P77 billion. PLDT units Smart Communications Inc. and Digitel Mobile Philippines Inc. signed the deals in April.
The company sold 3,012 towers amounting to P39.2 billion in June. With the latest transaction, PLDT completed the sale of 4,025 telecom towers representing 68 percent of the towers portfolio. The final closing of the transaction is expected by the fourth quarter of 2022.
It said that of the 5,907 towers being monetized, ISOC edotco, a subsidiary of the edotco Group would acquire 2,973 towers nationwide, while Comworks Infratech would get 2,934 towers in Luzon.
PLDT said the sale and leaseback would be complemented by a new tower build commitment of 1,500 towers over the coming years.
PLDT earlier said it would use the proceeds from the transaction to invest in the network and return cash to shareholders via special dividend.
The company revised its 2022 capital expenditure guidance to P85 billion from the original capex guidance of P76 billion to P80 billion.
PLDT said over the weekend it would invest about $100 million to build two additional submarine cable systems to boost its international data capacity.
It recently fired up the US-Transpacific Jupiter Cable system, the Philippines’ fastest, direct data cable link to the US and Japan. PLDT invested $136 million for the project.
The 14,000-kilometer Jupiter Cable system is the newest international gateway connecting the Philippines directly from PLDT’s cable landing station in Daet, Camarines Norte to Japan and the US West Coast.
“Our investment in Jupiter will exponentially boost the Philippines’ international capacity, ramp up the global trade of digital services and propel the nation’s digital economy, while increasing internet speed and reliability for Filipinos,” PLDT president and chief executive Al Panlilio said.
PLDT reported a net income of P9.07 billion in the first quarter, up 56 percent from P6.80 billion in the same period last year.
Telco core Income, excluding the impact of asset sales and Voyager Innovations, reached P8.2 billion in the first three months, up 9 percent from P7.5 billion in the same period last year.
Service revenues amounted to P47.97 billion in the first quarter, up 5 percent from P45.67 billion a year ago.