PLDT Inc. said Monday it received P57.7 billion from two companies for the sale of 4,435 telecommunication towers.
The company said in a statement it transferred 75 percent of the 5,905 towers covered by the sale and leaseback transaction to the two tower companies as of the third quarter.
It said of the 5,907 towers being monetized, ISOC edotco Towers Inc., a subsidiary of edotco Group, acquired 2,973 towers in Luzon, the Visayas and Mindanao while Comworks Infratech Corp., a subsidiary of EdgePoint, received 2,934 towers in Luzon.
PLDT said it expected to complete the final closing by the first quarter of 2023.
“Sale of telecom towers in addition to the 5,907 towers sold, or committed to be sold, is currently under evaluation,” it said.
PLDT said the sale and leaseback would be complemented by a new tower build commitment of 1,500 towers over the next several years.
It said it would use the proceeds from the transaction to further invest in the network and return cash to shareholders via a special dividend.
PLDT earlier reported a net profit of P16.74 billion in the first half, higher than P12.92 billion it booked in the same period last year.
Telco core income, excluding the impact of asset sales and Voyager Innovations, reached P17 billion, up 12 percent from P15.21 billion last year.
Consolidated revenues rose 6 percent in the six-month period to P47.9 billion from a year.
Brand Finance, the world’s leading brand valuation consultancy, listed PLDT, with a brand value of $2.5 billion, as the most valuable Filipino brand.
Brand value is defined as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.