PLDT mulls sale of more shares in Rocket Internet
MANILA, Philippines — PLDT Inc. may dispose of its remaining stake in Berlin-based Rocket Internet next year, its chairman and chief executive officer Manuel V. Pangilinan said.
“We might dispose of some more next year, again depending on market conditions,” Pangilinan said in a recent interview.
“We have sold some shares. I think close to half a million shares before the share price went up around 23 plus euro, so we’re just waiting for developments. So there’s no need at present, there’s no hurry,” he said.
PLDT early this year sold a portion of its 6.1 percent stake in Rocket Internet for P10.5 billion. The transaction resulted to PLDT’s stake being reduced to two percent.
The amount raised is being used to fund the company’s record capex budget of P58 billion this year.
Pangilinan earlier pointed out that there’s no pressure on the part of PLDT to dispose the remaining stake in Rocket Internet.
Rocket Internet is a Berlin-based company that builds online startups and owns shareholdings in various internet retail businesses. It has stakes in major e-commerce platforms in Southeast Asia, including Zalora, Lamudi, Carmudi, Traveloka and Foodpanda.
PLDT invested 333 million euro to acquire a 10 percent stake in Rocket in 2014.
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