MANILA, Philippines - Gokongwei-led conglomerate JG Summit Holdings Inc. said on Thursday it will exercise an option to sell some of its newly-acquired shares in Philippine Long Distance Telephone Co. (PLDT) worth $262 million to Japan's NTT Docomo Inc.
JG Summit told the stock exchange it had informed NTT Docomo that it would take up the option, set under an agreement signed in May this year, to sell 4.56 million common shares of PLDT at P2,500 ($57.58) per share.
The sale price reflects a 4.6% premium over PLDT's close at P2,390 on Thursday.
JG Summit said its shareholdings in PLDT after the transaction would be cut to 17.14 million common shares, valued at P41 billion based on Thursday's close, and equivalent to an 8% stake.
NTT Docomo owned 9.8% of PLDT, comprising of 18.2 million PLDT shares, as of Sept. 30.
JG Summit recently sold P14.5 billion worth of PLDT shares to Metro Pacific Resources Inc., a local affiliate of PLDT's controlling shareholder First Pacific Co. Ltd.
JG Summit last month acquired 12.9% of PLDT, comprising 27.7 million common shares at P2,500 per share, in exchange for giving up its holdings in Digital Telecommunications Philippines Inc. to PLDT.
The $1.6 billion takeover deal cemented PLDT's top position in the highly competitive telecommunications industry. Including the share swap and debt assumption components, the deal's enterprise value was pegged at $2.4 billion, said ING Bank, PLDT's adviser in the deal.