PT&T confident trading will resume after 13-yr hiatus
The new management of Philippine Telegraph & Telephone Corp. is confident it can meet all the requirements for the lifting of voluntary trading suspension of the company’s shares.
“PT&T clearly understands there are requirements and a process for the lifting of the suspension of the trading of its shares and commits to comply with the the requirements and go through the process under the control of the exchange,” the company’s new owners said in a regulatory filing.
The resumption of trading of shares at the PSE will provide an opening for strategic partners to come in.
PT&T said the entry of investors will boost the company’s bid to grow into a much bigger player in the market currently dominated by telco giants PLDT and Globe Telecoms.
The group led by Nickel Asia Corp. founder Salvador “Buddy” Zamora and Benjamin Bitanga intends to expand PT&T’s fixed broadband business in Metro Manila.
“The management is hopeful that the resumption of trading of the company’s shares in the exchange will play a major part in the success of such expansion plan,” PT&T said.
“PT&T is still under rehabilitation and continues to operate its business with focus on fixed broadband services with great success,” the company noted.