PLDT’s stock price rebounded 5 percent Wednesday to close at P1,250.00, after losing 31 percent of its market value in the previous eight trading days on speculation of an impending management shakeup related to the cost overrun. READ:
PLDT Inc., one of the country’s largest publicly-listed companies, said Wednesday it is cooperating with the regulators that are looking into the company’s P48-billion budget overrun, as its own internal investigation had not “unearthed fraudulent activities.”
PLDT held a special briefing for analysts Wednesday. An analyst said PLDT mentioned several factors for the cost overrun, but did not provide more details.PLDT said it would cooperate fully with the Securities and Exchange Commission, the Philippine Stock Exchange and the Capital Markets Integrity Corp. on the reported P48-billion cost overrun which represented about 12.7 percent of the company’s total capital expenditures amounting to P379 billion from 2019 to 2022.
PLDT said it was also investigating contracts and expenditures involved and would meet major vendors for reconciliation of outstanding amounts and project status. It said the business and its outlook remained healthy.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC orders probe on PLDT trading after P48-billion overrun disclosureThe Philippine corporate regulator on Monday ordered an inquiry into the trading activities on PLDT Inc. after a selloff reportedly happened before the company disclosed a P48-billion budget overrun. The Securities and Exchange Commission (SEC) said it ordered both the Philippine Stock Exchange (PSE) and the Capital Markets Integrity Corporation (CMIC) to provide initial reports of the trading activities on PLDT Inc.
Read more »
Typhoon, pandemic cited in P48-B PLDT overrun - BusinessMirrorTHE management team of PLDT Inc. admitted fault on oversight functions over the P48-billion budget overruns it recently unearthed within the organization, an irregularity that they blame on Typhoon Odette and the pandemic. One of the analysts who joined the company’s briefing for investors and analysts on Wednesday disclosed that PLDT bigwig Manuel V. Pangilinan
Read more »
PLDT reiterates no fraud uncovered in P48-B budget ‘overrun,’ cooperates with regulators’ probes“PLDT has not unearthed fraudulent activities in relation to the capex overrun. It will make the necessary disclosures if this changes in the future,” the telco said in a disclosure to the Philippine Stock Exchange (PSE).
Read more »
Globe cites need for good financial reporting amid PLDT fiascoAs PLDT probes its P48-billion budget overrun, rival Globe says it's committed to adhere to financial reporting standards.
Read more »
PLDT stock fell 31% in 8 trading daysThe share price of PLDT Inc., one of the country’s largest publicly-listed companies, fell 2 percent Tuesday, extending its losses to more than 31 percent in the past eight trading days. READ:
Read more »
PSE issues show cause order to PLDTThe Philippine Stock Exchange has issued a show cause letter to PLDT Inc. asking for clarification on the disclosure they made last December 16 regarding P48 billion in “budget overruns.”
Read more »