NTT DoComo plans to raise stake in Philippines' PLDT to 20 pct - report |
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Wed, 20 Jun 2007 02:31
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MANILA (XFN-ASIA) - NTT Docomo Inc is planning to raise its stake in Philippine Long Distance Telephone Co (PLDT) to 20 pct from around 14.5 pct currently, the Philippine Star reported.'The target of a 20 pct holding in the company is a guideline that reflects DoCoMo's assessment ofthe Philippines as an important market for roaming services,' company spokesperson Tomoko Tsuda told the newspaper.In April, DoCoMo said it bought an additional 1.97 mln common shares, or a 1 pct stake, in PLDT, increasing its ownership of the Philippines' largest telecommunications firm to 14.5 pct.DoCoMo earlier said it may increase its stake in PLDT up to the 21 pct limit of the latter's issued and outstanding shares if it deems market and other conditions are favorable.PLDT is currently controlled by Hong Kong-listed First Pacific Co Ltd, which has lifted its stake in thecompany to 29 pct from 23 pct, after it bought the Philippine government's indirect stake in the telecoms firm in February.(1 usd = 46.01 pesos)rocel.felix@xfn.comrf/mas
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