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Aug 21, 2018 @ 20:45

PT&T quadruples capitalization as it prepares for fund raising

 

Philippine Telegraph and Telephone Corp. is raising its capitalization by more than four times to P15.6 billion to raise the much-needed funds to bolster its bid to become the country’s third telco player.

In a filing with the stock exchange, PT&T said the increase would allow it to “secure additional funds and investments for its operations.”

PT&T sought an increase in its capitalization following its exit from corporate rehabilitation. It has committed to settle its P8.8 billion worth of obligations through a debt-to-equity conversion as required under its approved rehabilitation plan.

The company provides high-speed fixed internet services in the Greater Manila Area, and northern and southern Luzon.

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