MANILA, Philippines — Rocket Internet has accepted PLDT Inc.’s offer to sell 67.4 percent of the telco’s stake in the European company for P10 billion. In a disclosure to the Philippine Stock Exchange yesterday, PLDT said Rocket Internet accepted 6.8 million Rocket shares tendered by the telco’s indirect subsidiary PLDT Online Investments Pte Ltd. at 24 euro per share for a total of 163.2 million euro. “As a result of the sale, PLDT Online’s equity ownership in Rocket was reduced from 6.1 percent to two percent,” PLDT said. Earlier this year, PLDT chairman and chief executive officer Manuel V. Pangilinan said the telco was open to selling its stake in Rocket Internet to fund this year’s capital expenditures. In 2014, PLDT invested 333 million euro for a 10 percent stake in Rocket.

Source: Philippine Star May 07, 2018 15:56 UTC