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Philippine telco PLDT confirms plan to sell assets to support FY'20 capex

Philippine telco PLDT Inc. confirmed a plan to sell some assets as it seeks to finance its capital expenditures in 2020.

PLDT Chairman Manuel Pangilinan said in a Jan. 2 BusinessMirror report that the company has received bids for its Smart Tower headquarters in Makati City, Philippines, which is expected to fetch at least 5 billion Philippine pesos.

The company said the same day that it is assessing the bids.

PLDT also intends to divest three other minor properties, as well as its remaining stocks in German technology firm Rocket Internet SE, comprising about 2 million shares.

The report said proceeds from the asset sale will be used to support the company's 2020 capex, which Pangilinan said is "slightly bigger" than 2019. In 2019, the company's planned capital outlays totaled 78.4 billion pesos, the report said.

The newspaper noted that the telco is looking to deploy 4G radio antennas in all of its cell sites and introduce the Philippines' first 5G mobile service this quarter.

As of Jan. 3, US$1 was equivalent to 51.12 Philippine pesos.