Philippine Long Distance Telephone Company (PLDT) has completed the sale of its 27% stake in its wholly owned subsidiary ePLT Incorporated. The said satke were sold to Roberto Ongpin's Philweb Casino Corporation (PCC), wrote Rappler.

According to a disclosure to the Philippines Stock Exchange (PSE) on December 13, PLDT first vice president Melissa Vergel de Dios said the firm has finalized the sale of its 397.892 million ePLDT common shares to PCC. The share purchase agreement was signed on July 10, 2012, the report said.

The said sale was implemented in four tranches. The first and second tranches have the same terms - 93.457 million shares sold at PHP10.7 apiece for a total of PHP999.98 million. The third tranche sold the same number of shares at PHP10.8632 apiece for a total of PHP1.015 billion. The last tranche of the sale sold 117.218 common shares at PHP11.0264 apiece for a total of PHP1.296 billion, the report detailed.

The stake sale is part of PLTD's convergence strategy which aims to expand the firm's participation in media groups. The PLDT Group has also been unloading its non-core businesses, Rappler reported.