PT&T wants to resume trading of shares ASAP
Philippine Telegraph & Telephone Corp. hopes to resume trading on the stock exchange to allow it to raise fresh capital to fund its expansion initiatives.
PTT reiterated ita request for rhe lifting of voluntary trading suspension on its shares. The stock was last traded at 33 centavos per share in 2004.
The company has sought the Makati Regional Trial Court’s approval to exit a court-assisted corporate rehabilitation.
“PT&T’s exit from receivership will enable the company to raise additional capital in the stock market to fund our expansion plans, both in fixed broadband and beyond,” said Miguel Bitanga, COO of the company.
Bitanga said the lifting of the trading suspension is key to attracting new investments.
Under the approved rehabilitation plan, PT&T must secure shareholders’ nod to increase its authorized capital stock to allow it to issue shares as payment for its debt to creditors.
The shareholders’ meeting is acheduled on Sept. 14.
“Exiting rehabilitation, allows the company to settle the claims of its various creditors and shift focus to growing its operations” the company said.
PT&T is vying to become the third telco player to challenge the duopoly of PLDT and Globe Telecoms.
“The exit from rehab is well within the plan of our new shareholders and another proof point that PT&T is serious in it’s intention to be a major player in the Philippines telecommunications industry,” said James Velasquez, president and CEO of PT&T.