PLDT Completes Telecom Transfer

Philippine Long Distance Telephone Co., the country's largest integrated telco, announced a significant achievement in connection with the sale and leaseback of its 1,012 telecommunications towers and associated passive telecommunications infrastructure to Frontier Tower Associates Philippines Inc. ("Frontier"), as previously announced on March 10, 2023.

PLDT revealed that the first phase of the transaction has been successfully completed, involving the sale of 230 telecommunications towers to Frontier.

In a disclosure to the Philippine Stock Exchange, PLDT revealed that the first phase of the transaction has been successfully completed, involving the sale of 230 telecommunications towers to Frontier.

The PLDT Group received a corresponding cash consideration of PHP 2.8 billion.

The Master Services Agreement covering the leaseback arrangement for these towers has also become effective as of today. PLDT anticipates transferring additional towers over the next few months as the closing conditions are met.

The sale and leaseback of these towers align with the PLDT Group's strategy to maintain a more asset-light balance sheet while ensuring superior network quality and an enhanced customer experience.

This move also aligns with the government's initiative to build a robust digital infrastructure program, enabling Filipinos to access affordable and reliable internet services.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem