Telco giant PLDT is considering selling some of its towers, but the details pertaining to the potential sale remain scant.

In a briefing, PLDT chairman Manny Pangilinan said the telco spoke with a number of international banks which advised them that selling some of their network elements has some advantages financially.

“In our discussion with the banks, I think they managed to persuade us that if we were to let go of a certain number of our towers that were not strategic to our position, to our maintaining our position as the dominant network in the country, then I think…maybe we should be open to it,” Pangilinan told reporters on Thursday, August 5.

Bloomberg, citing sources, earlier reported that PLDT is considering selling its local towers and then leasing them back. It said the deal could have a price tag of $800 million, or maybe as much as $1 billion.

Pangilinan clarified on Thursday that the telco has not pegged the cost of the deal or which towers would be put up for sale.

“Purely from a financial transaction, [it] could probably translate to a significant financial gain. Some of these towers are probably fully, substantially appreciated,” the PLDT chair said.

PLDT chief executive officer Al Panlilio added that they are still in the early part of the process, with the details yet to be ironed out.

“It’s good governance for us to look at strategic options, that’s the point of MVP (Pangilinan), but really we’re at an early part of the process. It has to be not only value-additive to us but really in terms of the running of the towers, we have to ensure that those are done well,” Panlilio said.

Pangilinan said they would have more definitive updates in the coming weeks or months. He added that the sale could help finance capital expenditures (capex).

Capex spending for the first half of 2021 so far stands at P41.3 billion of the P88 billion to P92 billion committed for the year.

From January to June, PLDT’s profits grew by 10% to P15.2 billion, on track to reach its full-year target of P30 billion.

Data and broadband revenues continue to drive PLDT’s consolidated service revenues, with the former growing 16% year-on-year to P68.3 billion of the total P89.9 billion. – Rappler.com