PLDT Inc said it has completed its partial sale of its Rocket Internet SE shares.
PLDT said in a statement that Rocket Internet AG has accepted 6.8 million Rocket shares tendered by PLDT subsidiary PLDT Online Investments Pte. Ltd. at €24 per share for a total consideration of €163.2 million or around P10.51 billion. This represents around 67.4% of the Rocket shares held by PLDT Online.
Rocket will settle the consideration on or before May 14.
In February, PLDT Chairman, President, and CEO Manuel V. Pangilinan said the company may sell its position in Rocket to fund its capex, which is expected to stay above P50 billion for this year.
To recall, PLDT invested €333 million (around $362 million) for a 10% stake in Rocket in August 2014. In October 2014, Rocket Internet went public, which effectively diluted PLDT’s stake, which now stands at 6.1%.
However, the Rocket investment proved disappointing, as its startups recorded heavy losses. — Patrizia C. Marcelo