Philippines-based operator PLDT announced it has received offers from six foreign companies to buy up half its towers for around US$1 billion, as the firm pushes on with plans to cut debt and invest in its broadband and mobile internet business.
Around 6,000 towers have been acquired and will change hands in the second quarter, with PLDT keeping the rest, said CEO Alfredo Panlilio.
The bidders were not revealed but did detail some are partnering with other Philippines-based players, he said.
Chairman Manuel Pangilinan stressed there is no financial pressure to sell off assets but the manoeuvre rather is to meet financial targets such as reduction of debt and slashing interest payments. The Philippines operator had a gross debt of US$5 billion at the end of 2021.
The operator, which is part-owned by NTT Docomo, put up half of its tower footprint for sale last year which equates to more than 11,000 telecom towers.
Representatives of PLDT have reassured customers service quality will not drop due to the sale.