Shares in Hong Kong-listed First Pacific are likely to come under pressure today if its plans to sell a controlling stake in Philippine Long Distance Telephone are blocked.
Analysts believe PLDT's board will today attempt to prevent First Pacific from selling off its 24.4 per cent.
'The PLDT board is expected to unanimously approve a motion to block the sale of those First Pacific shares,' a source said.
Reuters quoted board sources as saying the telecommunications carrier planned to draw on provisions in the company's bylaws preventing investment by competitors.
A potential buyer of First Pacific's stake was yet to be announced but Philippine tycoon John Gokongwei has emerged as favourite. His family controls conglomerate JG Summit Holdings and the country's second-largest phone company, Digital Telecommunications Philippines.
On Friday, the Philippine Daily Inquirer quoted sources as saying PLDT president Manuel Pangilinan and Nippon Telegraph and Telephone - PLDT's second-largest shareholder with 15 per cent - were teaming up to organise a management buyout to derail Mr Gokongwei's offer.
