Philippines' PLDT Welcomes Rocket Internet's Planned IPO
September 10 2014 - 6:56AM
Dow Jones News
By Cris Larano
MANILA--Philippine Long Distance Telephone Co. on Wednesday said
it welcomed Rocket Internet AG's plans for an initial public
offering, weeks after the telecommunications company agreed to
acquire a stake in the German firm.
PLDT in August agreed to acquire 10% of Berlin-based Rocket
Internet for 333 million euros ($431 million) and has already paid
half that amount. PLDT's stake, however, was subsequently diluted
to 8.6% after the entry of another investor, United Internet
AG.
Rocket Internet plans to sell only new shares that would be
created from the increase in the company's capital stock. The
company said proceeds from the IPO would finance future growth.
The German company, a founder of technology startups, plans to
list on the Frankfurt Stock Exchange later this year.
Write to Cris Larano at cris.larano@wsj.com