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.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
PLDT shares fall 19.4%, erasing P61.8 billion in market valuePLDT shares tank after the Pangilinan-led company reported a P48-billion budget overrun.
Baca lebih lajut »
Investors await PLDT move on budget overrun - BusinessWorld OnlineBy Arjay L. Balinbin, Senior Reporter INVESTORS and shareholders will be watching closely how the management team of PLDT, Inc. will respond to an estimated P48-billion budget overrun from 2019 to 2022, according to analysts. Telecommunications provider PLDT led by Manuel V. Pangilinan is reorganizing its management after discovering the budget overrun, representing 12.7% of […]
Baca lebih lajut »
Bourse to probe sell-off in PLDT shares before firm’s disclosureThe PSE will investigate the trading activity on shares of PLDT Inc.after regulators noticed heavy selling minutes before the market closed last Friday and about an hour before a P48-billion financial anomaly within the telco firm was disclosed.
Baca lebih lajut »
PLDT mess grips stock investorsThe benchmark PSEi is flashing warning signs of an extended correction while investors brace for the market impact of PLDT Inc.’s unprecedented disclosure of up to P48 billion in “budget overruns” that went undetected for several years. | miguelrcamusINQ
Baca lebih lajut »
Budget overrun to temper appetite for PLDT–analyst - BusinessMirrorInvestors might become reluctant to put their hard-earned money into PLDT Inc. after its controversial P48-billion “budget overrun” announcement on Friday, with foreign investors already weighing in on the issue over the weekend. First Grade Finance Inc. Managing Director Astro C. del Castillo believes that investors will be risk-averse toward one of the Philippines’s blue-chip
Baca lebih lajut »
Heads to roll at PLDT, says ‘disappointed’ MVPMANILA, Philippines — “Certainly, we’ve taken a knock on our reputation. We pride ourselves on governance, on disclosures, and we’re gonna get a knock. We have a job in trying to recover our
Baca lebih lajut »