PH-listed PLDT exiting Rocket Internet by selling $50m worth stake this year

The logo of of Rocket Internet, a German venture capital group is pictured in this September 24, 2014 illustration photo in Sarajevo. REUTERS/Dado Ruvic/File Photo

Philippine-listed telecom and digital services firm PLDT has confirmed Friday that it is selling its remaining stake in German ecommerce investor Rocket Internet worth $50 million to finance its capital expenditures this year.

In a disclosure to the Philippine Stock Exchange, PLDT Senior Vice President June Cheryl Cabal-Revilla confirmed reports that the company is disposing some of its real estate assets as well as its about two million shares in Rocket Internet on opportunistic basis to bankroll its capex for 2020, which the company said is “slightly bigger than 2019”.

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