By Paolo Montecillo
Philippine Daily Inquirer
Singaporean private investment firm STT Communications Ltd. has infused fresh capital into SkyCable to fund the expansion of the latter’s broadband Internet and pay TV services.
SkyCable’s parent firm ABS-CBN Corp. on Thursday disclosed that Sampaquita Communications Pte Ltd., a unit of STT, had acquired a 40-percent economic interest in SkyCable through the purchase of P3.612 billion worth of Philippine Depositary Receipts (PDR) and P250 million in convertible notes.
The PDRs and notes were issued by SkyCable’s parent firm Sky Vision Corp., which is owned by ABS-CBN (80 percent) and Lopez Holdings (20 percent).
“SkyCable will be able to leverage on the technical expertise of STT and continue providing its customers with innovative, world-class services as it expands its Pay TV and high-speed broadband service offerings,†ABS-CBN chairman Eugenio Lopez III said in a statement.
About P2.6 billion of the PDRs were backed by ABS-CBN shares in SkyCable, while the rest were newly issued PDRs, raising P1.45 billion in fresh funds that can be used for the cable firm’s capital expenditures.
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