MVP: No pressure to divest in Rocket

MANILA, Philippines — PLDT Inc. plans to hold on to its remaining stake in Rocket Internet as it expects improvement in the European company’s share price in the long term.

PLDT chairman and chief executive officer Manuel V. Pangilinan told reporters that the telco has no plan at the moment to sell its remaining stake in Rocket Internet.

“I think the plan is for the entire two-thirds of the offering to be taken up by the offer. Beyond that, I think we just have to play it by ear. There’s no pressure on the part of PLDT to dispose the remaining one-third,” he said.

Earlier this week, PLDT sold a portion of its 6.1 percent stake in Rocket Internet for P10.5 billion.

Rocket Internet is a Berlin-based company that builds online startups and owns shareholdings in various internet retail businesses. It has stakes in major e-commerce platforms in Southeast Asia, including Zalora, Lamudi, Carmudi, Traveloka and Foodpanda.

Despite the losses in investments in Rocket following a dip in share prices, Pangilinan is hopeful Rocket’s share price would improve in the long term.

 “Given the prospects for Rocket Internet, its share price should improve in the long term,” he said.

PLDT invested 333 million euro to acquire a 10 percent stake in Rocket in 2014.

The stake was diluted after Rocket went public.

Pangilinan has earlier said PLDT is considering selling its stake in Rocket to fund capital expenditures this year.