PLDT commits to sell nearly 70% stake in Rocket Internet

PLDT Online Investments Pte. Ltd. on Monday committed to sell nearly 70 percent of its shareholdings in German e-commerce company Rocket Internet SE.

“PLDT Inc. today announced that PLDT Online Investments Pte. Ltd., an indirect subsidiary, has committed to accept the public share purchase offer of Rocket Internet SE for at least 6,800,000 shares, or approximately 67.4 percent of the total number of Rocket shares directly held by PLDT Online,” it said in an emailed statement.

Rocket Internet said earlier it intends to buyback up to 15,472,912 shares for €24 per share.

PLDT, through PLDT Online holds a 6.1-percent ownership stake in Rocket.

“The final number of PLDT Online tendered shares accepted by Rocket will be determined after the offer period which is expected to end on 2nd May 2018,” it said.

“If greater than 15,472,912 Rocket shares are tendered, the Rocket shares to be sold by PLDT Online will be reduced proportionally,” it said.

Rocket Internet incubates and invests in internet and technology companies globally, providing operational support and help to scale internationally.

PLDT has set a capital expenditure (capex) of P58 billion this year, a “historic high” for the company, to improve its broadband and data business units.