IN FAIRNESS to Globe Telecommunications Inc., it is not the only company to have issued preferred shares priced differently and sold at much lower prices to insiders. Philippine Long Distance Telephone Co. (PLDT) adopted a similar strategy to comply with the 40-percent ceiling on foreign ownership of public utility companies, with PLDT Beneficial Trust Fund (PBTF) the lone beneficiary of the generosity of the company’s 13-member board controlled by Indonesian-owned First Pacific Co. Ltd.
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