PLDT plans sale of minority stake in data center business

March 7, 2024 - 4:47 PM
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A logo of Philippine Long Distance Telephone Company (PLDT) is seen in front of their building in Makati city, metro Manila, Philippines May 30, 2016. (Reuters/Romeo Ranoco/File Photo)

 Philippines PLDT Inc plans to generate hundreds of millions of dollars from the sale of a minority stake in its data center business to a foreign entity, company chairman Manuel Pangilinan said on Thursday.

Proceeds from the deal, which the company aims to complete this year, will be used to trim the telecommunication firm’s debts, Pangilinan told reporters.

— Reporting by Neil Jerome Morales