The government of the Philippines has sold its 46% equity stake in Philippine Telecommunications Investments Corporation (PTIC), which holds a 14% interest in national fixed line operator Philippine Long Distance Telephone (PLDT), to First Pacific for PHP25.2 billion (USD509.3 million). In a statement, the Department of Finance said First Pacific, through its unit Metro Pacific Asset Holdings, had paid the amount in full. As a result of the transaction First Pacific now owns 100% of PTIC and a 23% equity stake n PLDT.
First Pacific, headed by PLDT chairman Manuel Pangilinan, beat off a strong challenge from Singapore-based Parallax Capital Management to secure PTIC. On 11 December 2006 Parallax offered PHP25.2 billion for the 46% stake on offer, topping a rival bid of PHP24.9 billion put forward by Pan Asia Presidio Capital. Parallax Capital is part of Parallax Venture Fund which was founded in 1999 to take advantage of investment opportunities in Asia in the wake of the economic crisis of 1997. It focuses on private equity, overlay management, and venture capital.