Trolling PLDT, Globe, Smart and Sun!
PLDT hinted at implementing some changes in its ownership structure by next year by creating “voting preferred shares” to solve its alleged violation of foreign equity caps.
PLDT recently moved to buy back blocks of preferred stocks by January 2012 as proof that the firm is amassing control needed to approve the creation of new voting shares.
“The board’s decision to redeem its preferred stock is the first step to make sure that in the event that we need to call for another stockholders’ meeting, say, next year, we would have the requisite quorum.”
The creation of the voting shares was supposed to have been up for approval in a special stockholders meeting last month but a lack of quorum kept the firm from pushing through with the plan. Several days later, PLDT announced it will be buying back all outstanding shares of its 10% cumulative convertible preferred stock, Series A to FF, effective Jan. 19, 2012. When a quorum is achieved, the plan is to issue up to 150 million preferred shares with voting rights to Filipino investors.
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If successful, the total foreign equity of all common shares will be reduced to the allowable 36% from the current 64% based on the court interpretation of constitutional limits to foreign ownership of public utilities.