PLDT, a telecommunications company, has successfully completed the sale of 230 towers to Frontier Tower Associates Philippines Inc. (Frontier) for a total of P2.8 billion.
The initial announcement of the sale, involving 1,012 towers, to Frontier, a tower company and subsidiary of Pinnacle Towers Pte. Ltd., was made in March of the previous year. PLDT plans to transfer more towers in the coming months as all closing conditions are met.
This move aligns with PLDT Group’s goal of maintaining an asset-light balance sheet while simultaneously enhancing network quality and customer experiences. It also contributes to the government’s initiative to strengthen digital infrastructure and ensure affordable and dependable internet services for Filipinos.
The Master Services Agreement, governing the leaseback arrangement for these towers, became effective last Friday, marking a significant milestone in the transaction.