PLDT Inc. saw its worst trading session since tycoon Manuel Pangilinan and Indonesia’s Salim group bought the telecommunications giant in 1998, following the discovery of billions of pesos in overspending over four years that was disclosed to the public.
“The sell-off reacts to investors fleeing from risks on its corporate governance, which is the main issue. If the allegations hold true, its reversion will be up to [PLDT] management’s initiatives to address the issue,” Gabryle Aguila, head of equity research at stock brokerage house Unicapital Securities Inc., told the Inquirer on Monday.
Pangilinan also said a number of top executives have been suspended while the investigation was underway with the help of a third-party auditor not associated with PLDT’s external auditor, SGV & Co. PLDT was the most actively traded stock on Monday with volume reaching almost P1.5 billion, including net foreign selling of about P700 million.
Gokongwei-led JG Summit Holdings, one of PLDT’s biggest stockholders with an 11.23 percent stake, fell 3.16 percent to P47.45. State-run pension fund Social Security System also owns 4.45 percent of PLDT, the company’s latest regulatory filings showed.PLDT said the budget overruns will reflect in its financial statements in 2022 and 2023, which will be offset by gains from the sale of cell tower assets to a third-party operator.
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