10 Nov PT&T sets course for expansion with capital stock increase
In a strategic move aimed at charting a path of growth, PT&T (PSE:PTT) recently secured approval from the Securities and Exchange Commission (SEC) for a substantial increase in its authorized capital stock.
Guided by the leadership of PT&T President and CEO James Velasquez and COO Miguel Bitanga, with strong backing from its Board of Directors, PT&T’s capitalization increases from PHP 3.8 billion to PHP 12.6 billion. This feat underscores the critical role of strong and strategic management, who have effectively navigated the company from a significant debt load to reach newfound financial strength.
The enhanced capital stock structure comprises 1.5 billion common shares, each with a par value of PHP 1.00, and 230 million serial cumulative convertible redeemable preferred shares at PHP 10.00 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.
This increase in authorized capital stock signifies a transformative step, positioning PT&T with a financial foundation to support strategic expansion and corporate initiatives. It underscores the company’s commitment to reestablish itself as a major player in the Philippine telco and IT industry.
President and CEO James Velasquez shared his enthusiasm, stating, “Our 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.”
COO Miguel Bitanga echoed these sentiments, emphasizing that the company’s strengthened capital base signifies a pivotal moment in PT&T’s journey. “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.” Aligned with its mission and vision, PT&T’s transformational journey aims to drive technological innovation, reinforcing the company’s commitment to progress and nation-building.
# # #
Disclaimer on Forward-looking Statements and Information:
This disclosure contains forward-looking statements and forward-looking information in accordance with applicable laws in the Philippines. These statements and information are based on the current expectations, estimates, and assumptions of our management regarding future events. They are subject to certain risk factors and uncertainties, including those beyond our control, which may cause the actual results, financial situation, or performance to differ materially from the estimates or developments implied in these forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting such statements, as required by Philippine laws and regulations.
About PT&T Corporation (PSE:PTT)
Incorporated in 1962, PT&T is a diversified telecommunications and information technology services provider. The Company caters to corporate, small/medium business, and residential segments across the Philippines. PT&T continues to specialize in adapting its services to the needs of enterprise and institutional end users. At present, PT&T’s business activities are categorized into two major businesses: Connectivity and IT Services. Currently, PT&T has a network reach of 27,638 fiber kilometers in high-growth areas, covering almost 40% of the total Philippine population. The Company
holds a 25-year National Legislative Franchise which allows it to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication. PT&T is a publicly listed company in the
Philippine Stock Exchange.
For media inquiries or further information, please contact:
PT&T’s Investor Relations at [email protected] or visit https://www.ptt.com.ph or check @PTTFiberInternet on Facebook or LinkedIn