MVP’s PLDT to be renamed, to venture into real estate devt
Philippine Long Distance Telephone Co. of Bilyonaryo Manuel V. Pangilinan is set to be renamed PLDT Inc. as it continues to expand its business reach.
The company’s current corporate name, Philippine Long Distance Telephone Company, reflects the traditional fixed line telecommunications business that it engaged in for several years following its incorporation in 1928.
However, the company’s business has evolved such that its revenues are no longer mainly from its long distance toll revenue business but are now largely from its expanded business portfolio that includes wireless telecommunications, data, broadband and information technology services and other related value added services.
“It is by the name PLDT that the company with its expanded business and leadership in the industry, has been known and recognized in the past several years,” the company said in a disclosure.
The amendment to the first article of its Articles of Incorporation reflecting in the change of name to PLDT Inc. will have to be approved by the company’s shareholders as well as the Securities and Exchange Commission (SEC).
Furthermore, PLDT is also amending the second article to cover the expansion of the purpose clause to expressly provide for such other purposes and powers incidental to or in furtherance of the primary purpose, including the power to do or engage in such activities required, necessary or expedient in the pursuit of lawful businesses or for the protection or benefit of the company.
PLDT also announced that its Board of Directors approved the plan to redevelop certain land and appurtenant air rights, land improvements and buildings owned by the company to maximize or enhance their value prior to the sale or disposal of portions or all of such redeveloped properties.
Likewise, PLDT was allowed to invest corporate funds either in shares of stock in an asset holding company that will enter into a joint venture with a real estate developer and other potential co-investors or a joint venture with the developer, for purposes of the redevelopment.
PLDT will seek stockholders’ approval of the proposed investment of funds and the grant to the Board of Directors of authority to determine, based on its best judgment and the best interest of the company and its stockholders.