PLDT, KKR discuss Maya IPO issues as listing plan weighs structure

PLDT, Inc. said it is still in talks with KKR & Co., Inc. to resolve issues tied to the planned initial public offering of fintech firm Maya, as the telecom operator weighs whether to increase its stake or support a partial exit via listing, a decision that could reshape ownership in one of its key digital assets.

“An initial public offering (IPO) gives us the chance to increase our stake,” PLDT Chairman Manuel V. Pangilinan told reporters on the sidelines of the company’s stockholders’ meeting on Tuesday. “We are in talks with KKR but there are just some issues right now. We are endorsing and supporting the IPO, we just have to overcome some issues.”

Mr. Pangilinan said PLDT is still evaluating its approach, including whether to raise its holding in Maya or proceed with a public listing structure that allows investor exit.

“Either way — a trade sale or an IPO — we will support. It depends on how much, it depends on what percentage,” he added.

Maya said in February it is targeting an IPO in the second half, with plans to list first in the US before a Philippine Stock Exchange debut.

The listing is intended to raise capital and give early investors an exit route while enabling PLDT to maintain exposure to the digital fintech business.

Maya’s shareholders include PLDT and First Pacific Co. Ltd., which together hold 39.6%, alongside KKR & Co. Inc., Tencent Holdings Ltd. and International Finance Corp.

PLDT posted a 1.77% decline in first-quarter attributable net income to P8.87 billion as higher expenses outweighed modest revenue growth.

Maya Innovations Holdings contributed P285 million to PLDT’s core earnings during the period.

Shares of PLDT Inc. closed P52 lower at P1,085 each.

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