MANILA, Philippines - The Philippine Long Distance Telephone Co. (PLDT) is set to sell 80% of its stake in business process outsourcing arm SPi Global Holdings to a foreign firm, Chairman Manuel V. Pangilinan said.
"We have decided to sell SPi to a preferred buyer. We are in the final stage of documentation with respect to that buyer," Pangilinan said, noting telco giant PLDT will retain a 20% interest in SPi after the sale.
Pangilinan declined to name the buyer and the cost of the sale pending the transaction's close.
SPi raked in P7.3 billion in service revenues in the nine months to September, up 16% from a year ago.
Proceeds from the sale was supposed to finance PLDT's takeover of GMA Network, Inc. but since that deal already fell through, the funds will now be used to pay off debts, Pangilinan said.