The share price of PLDT Inc., one of the country’s largest publicly-listed companies, fell 2 percent Tuesday, extending its losses to more than 31 percent in the past eight trading days. READ:
PLDT’s stock moved in the opposite direction of the Philippine Stock Exchange index which rose 43 points, or 0.7 percent, Tuesday.
“These multi-year investments were designed to regain and sustain network and technology leadership as well as provide the best customer experience,” it said. “While these substantial capex investments were key to meeting PLDT’s goals, they came at a price—capex investments for these four years aggregated to P379 billion, including an estimated budget overrun of no more than P48 billion,” it said.
“The investigation has, so far, not uncovered any fraudulent transactions, procurement anomalies or loss of assets arising from the capex spend,” it said.
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