Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
OVERSEAS REGULATORY ANNOUNCEMENT
Please refer to the attached disclosure filed by PLDT Inc. ("PLDT"), a major operating associate of First Pacific Company Limited, with the Philippine Stock Exchange, in relation to the SEC Form 17-C and PLDT's press release relating to the completion of divestment of the remaining stake in Beacon Electric Asset Holdings, Inc. by PLDT Communications and Energy Ventures, Inc.
Dated this the 14th day of June, 2017
As at the date of this announcement, the board of directors of First Pacific Company Limited comprises the following directors:
Executive Directors:
Manuel V. Pangilinan, Managing Director and CEO
Edward A. Tortorici Robert C. Nicholson
Non-executive Directors: Anthoni Salim, Chairman Benny S. Santoso
Tedy Djuhar
Ambassador Albert F. del Rosario
Independent Non-executive Directors: Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok
Madeleine Lee Suh Shin
C037022017
SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17C
CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
Date of Report (Date of earliest event reported)
Jun 14, 2017
SEC Identification Number
PW55
BIR Tax Identification No.
000488793
Exact name of issuer as specified in its charter
PLDT Inc.
Province, country or other jurisdiction of incorporation
PHILIPPINES
Industry Classification Code(SEC Use Only)
Address of principal office
RAMON COJUANGCO BUILDING, MAKATI AVENUE, MAKATI CITY
Postal Code
1200
Issuer's telephone number, including area code
(632) 8168553
Former name or former address, if changed since last report
NOT APPLICABLE
Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Indicate the item numbers reported herein
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
PLDT Inc. TELPSE Disclosure Form 431 Press Release References: SRC Rule 17 (SEC Form 17C) Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure |
Press Release |
Background/Description of the Disclosure |
Press release entitled "PCEV COMPLETES DIVESTMENT OF REMAINING STAKE IN BEACON" |
Other Relevant Information |
|
Filed on behalf by:
Name | Ma. Lourdes RausaChan |
Designation | Senior Vice President & Corporate Secretary |
PCEV COMPLETES DIVESTMENT OF REMAINING STAKE IN BEACON
MANILA, Philippines, 14th June 2017 - PLOT Inc. ("PLOT") (PSE: TEL) (NYSE:
PHI) today announced that PLOT Communications and Energy Ventures, Inc. ("PCEV") entered into a Share Purchase Agreement covering the sale of its remaining 25% equity interest in Beacon Electric Asset Holdings, Inc. ("Beacon") to Metro Pacific Investments Corporation ("MPIC") (PSE: MPI) for a total consideration of 1'121.8billion. Beacon is a special purpose company jointly owned by PCEV and MPIC, which holds a 35% interest in Manila Electric Company ("Meralco") (PSE: MER) and a 56% interest in Global Business Power Corporation ("Global Power").
MPIC will pay 1'112.0billion in cash on ciosing, which is anticipated to occur within this month. The balance of 1'19.8billion will be paid over the following four (4) years. Upon completion, PCEV will no longer have any direct interest in Beacon and indirect interest in Meralco and Global Power.
PCEV had invested in Meralco and Beacon since 2009 an aggregate amount of approximately 1'124billion. Over the years, PCEV received 1'114.7billion in cash dividends and has completed its divestment for an aggregate consideration of 1'51.6 billion. As such, PCEV would have received in cash over the period 2.75 times its invested capital.
"The divestment of our Beacon investment will help the PLOT group focus on the key priorities in its core businesses. While the investment is now viewed as no longer strategic, it has nonetheless been a very financially satisfying one. Proceeds from the sale will be used principally to reduce debt and to fund the ongoing network upgrade and expansion," stated Manuel V. Pangilinan, PCEV Chairman and PLOT CEO.
PCEV is a holding company owned 99.9% by Smart Communications, Inc. which is a
wholly-owned subsidiary of PLOT Inc.
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