PLDT EXECS BUYING FIRM’S SHARES AT LOW PRICES

SEVERAL executives of PLDT Inc., including its chairman Manuel V. Pangilinan and its president and CEO Alfredo S. Panlilio, are acquiring shares of the company as its price falls.

In its disclosure to the Philippine Stock Exchange, Pangilinan on December 19 has bought 3,000 shares between the price range of P1,235 to P1,269. Panlilio, meanwhile, also bought the same amount of shares also on December 19 at P1,270 per share.

Luis Gregorio D. Casas, a vice president of the company, bought 170 shares on December 19, while Victorico P. Vargas also bought 3,000 shares since October 11 through December 19 at P1,425 to P1,260 per share.

Luis Limlingan, managing director at Regina Capital Development Corp., said it is “very tough” to say anything at this point on the intentions of the two top most executives on their buying.

“It could also be a signaling to other investors that they believe the selling is overdone, as we can see today (Wednesday), the stock did react positively to the news of the buying as PLDT traded up once again,” Limlingan said.

“At the end of the day, we can only guess their true intentions,” he said.

PLDT shares were up on Wednesday by P51, or 4 percent, to close at P1,313 apiece. PLDT shares were the most sold down and has lost 26 percent of its price in four weeks, following the news of budget overruns that is now at P48 billion.

The Shareholders’ Association of the Philippines, earlier said, it is deeply concerned over the recent news surrounding PLDT.

“This development has resulted in a sudden and sharp decline in the company’s market price over the past week, causing some apprehension among shareholders,” the group said.

“We recognize the PLDT leadership for taking swift action in addressing the matter and in cooperating with regulatory bodies over inquiries raised. We trust that PLDT will take the necessary measures to uphold their values of transparency, accountability, and integrity,” Sharephil said.

“Given PLDT’S commitment to good corporate governance, we call on them to ensure that their minority shareholders are given the same level of treatment and consideration as all of their other stakeholders during this process,” it said, adding that it is looking forward to a quick and decisive resolution of this matter, for the good of the investors and to restore investor confidence in the company.