PLDT Inc. (PLDT) said Tuesday that it and two other companies affiliated with businessman Manuel V. Pangilinan’s (MVP) Group had fully acquired digital entity DigiCo, formerly known as Kayana Solutions Inc., by hiking their stakes.
In a stock exchange filing, PLDT said that it, Manila Electric Company (Meralco) and Metro Pacific Investments Corp. (MPIC) had entered into separate subscription agreements with DigiCo to subscribe to a total of 570 million additional common shares.
The amounts involved were not disclosed.
DigiCo will now be 45 percent-owned by PLDT, 27.5 percent-owned by Meralco, and 27.5 percent-owned by MPIC, making the firm 100-percent owned by the MVP Group.
PLDT’s wireless communications unit Smart Communications Inc. will also be a co-owner of DigiCo, the telco added.
DigiCo was formed to become a digital entity that would harness the data assets of the MVP Group and provide a platform for a “serious group-wide digitalization effort,” PLDT said.
The DigiCo takeover was said to be a first step in a collective effort to drive new opportunities for growth and value within the group.
DigiCo will use a tech platform to enable the MVP Group to scale up and achieve a seamless integration of their services and capabilities, PLDT said.
The group’s multiple payment channels will then be consolidated into the company to provide an omni-channel solution that is envisioned to “empower the overall user experience.”
PLDT shares on Tuesday climbed by P35, or 2.35 percent, to close at P1,525 each.
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