First Pacific stake PLDT's largest foreign shareholder, Hong Kong-based First Pacific Co. Ltd., said the share issuance will slash the stake it and its Philippine affiliates collectively hold in the telecom company. "Immediately following the issue of the new voting preferred shares, the aggregate voting interest of the company and its Philippine affiliates in PLDT will be reduced to approximately 15.1% from 25.6%," First Pacific said in a disclosure to the Hong Kong Stock Exchange on Tuesday. First Pacific however clarified that their aggregate attributable economic interest in PLDT "will not be materially affected." The voting shares that PLDT will issue will carry a fixed, cumulative dividend of 6.5% of issue price per annum, and a preferred return of not more than 110% of issue price. PLDT may redeem the shares, which are not convertible into common shares, PLDT said.