PLDT unit to offer up to 1.9B secondary common shares

PLDT Inc. has announced plans for its subsidiary, Maynilad Water Services, Inc., to offer up to 1.934 billion secondary common shares as part of an initial public offering (IPO) that has been cleared by the SEC. The offering includes 1,934,269,800 primary shares and 354,704,200 secondary shares, subject to compliance with certain requirements. The shares will be priced at up to Php20 each, with an overallotment option of up to 249,047,600 shares and a preferential offer of up to 24,904,800 shares.

The secondary shares will be sold by Maynilad Water Holding Company, Inc., a current shareholder of Maynilad Water Services, Inc. The offering aims to raise capital for the company while allowing existing shareholders to divest a portion of their holdings. The IPO is expected to enhance liquidity and provide broader access to the company’s shares for public investors.

The SEC’s approval of the IPO reflects regulatory confidence in the company’s compliance with disclosure and corporate governance standards. The offering is subject to final compliance with remaining requirements, and the company will proceed with the public offering accordingly.