A total of P2.8 billion has been initially raised by PLDT Inc. from selling some of its passive telecommunication infrastructure to Frontier Tower Associates Philippines Inc.

This move will help the company bankroll its network and services expansion.

In a stock report, the Manuel Pangilinan-led firm disclosed that the first closing of the transaction covering 230 of the 1,012 towers involved in its deal with Frontier was completed on Friday.

Following this development, PLDT said the Master Services Agreement covering the leaseback arrangement for those towers also immediately became effective.

PLDT expects to transfer additional towers over the next few months as closing conditions are met.