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Bloomberg
PLDT Inc said it is in discussions with four major vendors for equipment and assets covered by its 48-billion peso ($859 million) overspending that stretched over four years from 2019.
While the Philippines’ biggest phone company didn’t specify the nature of its discussions with the firms, namely Cisco Systems Inc, Huawei Technologies Co Ltd, Ericsson and Fiberhome Telecom in its filing to the stock exchange, it said that it’s in talks with suppliers and vendors to cancel some projects and seek discounts as it aims to reduce its spending overrun.
PLDT also denied reaching out to US law firms that had expressed interest in investigating possible violations of US federal securities laws. The company’s American Depositary Receipts tumbled nearly 24%, the first trading day after PLDT’s disclosure to the Philippine Stock Exchange of the previously unreported spending.
The nearly 100-year-old company is under investigation by the bourse and the Securities and Exchange Commission about the overspending.