PLDT plans P1.22- billion subscription to Kayana shares

PANGILINAN-LED PLDT Inc. said its board of directors has approved its subscription to additional shares in Kayana Solutions, Inc. for P1.22 billion.

The listed telecommunications company will subscribe to 1.22 billion additional common shares in Kayana, priced at P1 apiece, pending the execution of definitive agreements, it said in a regulatory filing on Tuesday.

PLDT’s investment in Kayana Solutions is part of its initiative to create new opportunities for value and growth within the Pangilinan-led companies, it said, noting that its stake in Kayana Solutions will remain unchanged.

PLDT holds a 45% stake in Kayana Solutions, while its parent company, Metro Pacific Investments Corp., and affiliate Manila Electric Co. each own 27.5%.

Kayana Solutions, formerly DigiCo, is a data-powered digital experience company launched to accelerate digital transformation by leveraging data assets to provide personalized customer experiences.

In September last year, PLDT executed a subscription agreement for 594 million additional common shares of Kayana Solutions.

At the local bourse on Tuesday, shares of PLDT closed P12, or 0.89% higher, at P1,360 per share.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose