PLDT, Inc. (“PLDT”) (PSE: TEL) (NYSE: PHI), the country’s largest integrated telco, announced another transaction milestone in connection with its pioneering sale of 5,907 telecom towers and related passive telecom infrastructure for PHP 77 billion announced on 19th April 2022.

As of 3rd October 2022, ownership of a total of 4,435 towers or 75% of the 5,907 towers covered by the sale and leaseback transaction had been transferred to the tower companies and a total cash consideration of PHP 57.7 billion received by the Group.

PLDT pioneered the sale and leaseback of towers in the Philippines. This is in support of the key policy of the Department of Information and Communications Technology under the Department’s Circular No. 008 promoting the colocation and sharing of common towers aimed at connecting more Filipinos through a more cost-efficient ICT infrastructure.

Proceeds from the sale of the towers would be used to pay down debt, and support operating and capital expenditures. The transaction is timely as it allows PLDT to avoid additional debt against a backdrop of a rising interest rate environment.

In addition, a portion of the towers sale proceeds amounting to PHP 9 billion was earmarked as special dividends, of which PHP 6 billion equivalent to PHP 28 per share was paid out to shareholders on 5th September 2022.

PLDT expects additional closings before the end of the year, with final closing anticipated to be completed by Q1 2023.

Sale of telecom towers in addition to the 5,907 towers sold, or committed to be sold, is currently under evaluation.