PLDT to generate billions from asset sales

Pangilinan-led PLDT Inc. on Thursday said it is set to generate "a few billion pesos" from the sale of its assets, as the company announced a record capital spending this year.

In a press conference, PLDT chief finance officer Annabelle Chua said the company will take advatange of a few opportunistic properties the company has.

"There are a few opportunistic properties that we are in the market for, so there are probably around five properties that we have identified for sale," she told reporters in Makati City.

Among the properties to be liquidated are the those in Mabolo in Cebu and in Mabalacat in Pampanga which are scheduled to close by the first quarter.

It also includes excess properties in Pasay and in Grace Park that are currently up for sale in the market.

Aside from this, PLDT has also made a deal to sell its Smart Tower to another local entity, subject to approval of antitrust body Philippine Competition Commission (PCC).

"That's also in the works. It will be a sale with a lease back," said Chua.

Located along Ayala Avenue in Makati City, the Smart Tower is a 36-story office building that houses the headquarters of the mobile business unit.

PLDT chief executive officer Manuel Pangilinan earlier said the company expects to generate P5 billion from the sale.

The sale is part of the company's plans to move its headquarters to a new location which has yet to be finalized.

"There are three parts to that -- finding the new property where we will move to, disposing of Smart Tower, and also the redevelopment of RCB and MGO," said Chua.

The Ramon Cojuangco Building is located along Makati Avenue adjacent to the Makati General Office. —LDF, GMA News