PLDT pours P594M into Kayana

Integrated telecommunications firm PLDT Inc. is tightening its grip on Manuel V. Pangilinan Group’s digital future, channeling fresh capital into data unit Kayana Solutions Inc., amid an accelerated shift toward hyper-personalized customer engagement. 

In a stock exchange report on Tuesday, PLDT said it has executed a subscription agreement for 594 million additional common shares in Kayana for P594 million.

The agreement represents about 18 percent of the company’s total outstanding common shares.

Despite the additional investment, PLDT clarified that its ownership interest in Kayana remains unchanged at 45 percent. Metro Pacific Investments Corp. and its subsidiary Manila Electric Co. each hold 27.5 percent.

PLDT earlier invested a total of P840 million in Kayana, representing 60 percent of equity interest, including subscriptions payable of P288 million. 

It later entered into share subscription agreements in September last year, subscribing to P46.5 million worth of common shares, while other shareholders subscribed to P523.5 million. As a result, PLDT’s equity interest was reduced to 45 percent.

Kayana, formerly known as DigiCo and Limitless Growth Ventures Inc., is a data-powered digital experience company that utilizes the data assets of companies led by Pangilinan.

In the first half of the year, PLDT reported a net income of P18.1 billion, down 1 percent from last year, as higher data and broadband revenues were tempered by cost pressures and weaker telco core earnings.

Telco core income slipped 4 percent to P17.2 billion, but overall core income edged up to P17.6 billion, supported by Maya Innovations’ P406 million contribution, a turnaround from last year’s losses.

Gross service revenues rose 3 percent to P106.3 billion, while consolidated service revenues held steady at P97.1 billion. Data and broadband revenues grew to P82.2 billion, accounting for 85 percent of the total. Without the drag from legacy services, consolidated revenues increased 3 percent year-on-year.