NTT DoCoMo announced today that it plans to acquire approximately 6 million shares of Philippine Long Distance Telephone Company – PLDT – or 3.2% of total issued and outstanding shares, for an estimated 30 billion Japanese yen. The investment will further strengthen DoCoMo’s relationship with PLDT and Smart Communications, PLDT’s wholly owned mobile subsidiary. Smart, with DoCoMo’s backing, intends to launch the i-mode service and expanded 3G services in the Philippines.
According the company’s press release, DoCoMo, which acquired about 6.7% of total issued PLDT shares from NTT Communications in March of this year, will have a total of approximately 19 million shares, or 9.9% of total issued and outstanding shares, after this latest acquisition. DoCoMo may consider purchasing additional shares in the future.