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BY Likha C. Cuevas, Reporter
In a sudden twist of events
Tuesday night, Hong Kong-based First Pacific Co. Ltd. has yielded
its right to match the offer for the government’s stake in the
Philippine Telecommunications Investments Corp. (PTIC).
In a text message to reporters,
the office of Finance Secretary Margarito Teves said First Pacific
will not exercise its right to match the P25.2-billion offer made by
Singaporean investment firm Parallax Venture Fund XXVII for the
government’s 111,415 shares in PTIC.
“[The] government [is still]
committed to sell PTIC shares,” the text message said.
The signing and turnover of the
PTIC shares are to take place today; however, the Department of
Finance did not specify which entity bought the shares.
Earlier, Teves said First Pacific
may bid on its own for the PTIC stake and match the Parallax offer.
NTT DoCoMo, along with parent NTT
Communications Corp., already holds about 13.4 percent of PLDT’s
shares. NTT DoCoMo and First Pacific will each provide 50 percent of
the total purchase price for the 6.4-percent interest in PLDT to be
acquired through PTIC.
Meanwhile, other PTIC
shareholders, La Rouge BV and Metro Pacific Asset Holdings, both
controlled by First Pacific, under the terms of reference for the
said transaction, have the right to match the auction within 30 days
after receiving official notice of bid.
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