PLDT has signed an agreement with its affiliate, Beneficial Trust Funds (BTF) Holdings Inc., to issue additional voting preferred shares that will dilute the telcos foreign ownership share from 58.4% to 34.5%. This action complies with the Supreme Court ruling on how to measure foreign ownership in a public utility in consideration of the 60-40 [...]
Big Cheese Manny Pangilinan has lost the fight to reverse a Supreme Court decision that technically defines PLDT as a foreign owned utility which in turn, violates the 1987 Philippine Constitution. The High Court voted 10-3-1 on the ownership case, Wilson Gamboa vs. (the then former) Finance chief, Margarito Teves, which aims to completely nullify [...]
Last March, PLDT’s stockholders gave the go-ahead for the creation of 150M worth of voting preferred shares which is aimed at reducing foreign ownership in the company from 59% to 35% (this move will effectively raise Filipino control of the telco giant from 41% to 65%, which will be in accordance with the constitution, specifically [...]
Troll: The PLDT attempt, and subsequent success, to buy Digitel/Sun opened a plethora of canned worms in the process – one of which is the questionable nationality of the giant telco. Based on our constitution, public utilities should be owned (majority wise) by Filipino’s, hence this: PLDT is set to sell 150M voting preferred shares [...]
The SEC will be doing absolutely nothing versus PLDT until the Supreme Court decides, with finality, on whether or not the telco juggernaut is violating foreign ownership restrictions found in the Constitution (the constitution god-damn-it!). Why? SEC commission secretary, Gerard Lukban, reiterated that there is a pending appeal by PLDT against the recent Supreme Court [...]
No one dares defy the Supreme Court. 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 [...]
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