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Manila Bulletin devider Business devider The Stock Market devider PT&T raises capital stock to P12.6 B

PT&T raises capital stock to P12.6 B

Published Nov 9, 2023 10:39 am

Publicly-listed company Philippine Telegraph and Telephone Corporation (PT&T) announced that its Board of Directors have agreed to increase its authorized capital stock from P3.8 billion to P12.6 billion as part of its strategic growth plan.  

PT&T has secured the approval from the Securities and Exchange Commission (SEC) regarding the increase, which received strong backing from its board led by  PT&T President and CEO James Velasquez and COO Miguel Bitanga, according to a Philippine Stock Exchange (PSE) disclosure.

The firm explained that its new capital stock structure comprises “1.5 billion common shares, each with a par value of P1, and 230 million serial cumulative convertible redeemable preferred shares at P10 per share.”

“Additionally, there are 6.75 billion Series 'A' serial redeemable preferred shares, 1.8 billion Series 'B' serial redeemable preferred shares, and 250 million Series 'C' serial redeemable preferred shares, all with a par value of PHP 1.00 per share,” it added.

This move was described as the firm’s “commitment to reestablish itself as a major player in the Philippine telco and information technology (IT) industry.”

Velasquez said the revamped corporate structure “sets the stage for a new era of innovation, growth, and financial stability.”

“These changes are expected to empower us to continue delivering exceptional services while facilitating fundraising endeavors, ensuring that PT&T remains at the forefront of the ever-evolving connectivity and IT landscape,” he emphasized.

Bitanga added that “it's not merely about the increase in figures; it's about expanding our horizons. We are ready to lead the charge into a new era of telco and technology."

PT&T is a telco and IT service provider that caters to corporate, small to medium-sized businesses, and residential areas in the country.

To date, it has a network reach of 27,638 fiber kilometers in high-growth areas, covering almost 40 percent of the total Philippine population. 
 

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