PT&T urges PSE to lift trading suspension
Philippine Telegraph & Telephone Corp. urges the Philippine Stock Exchange to immediately lift the trading suspension on its shares to allow it to raise the much-needed funds to support its aggressive expansion and its bid to become the country’s third telco player.
PT&T hopes to resume trading within the year after completing all the requirements set by the PSE for the lifting of its trading suspension.
Trading in PT&T shares was suspended in December 2004 after the company filed for voluntary trading suspension.
The new management of PT&T led by Salvador Zamora II wants to raise fresh capital to fund the expansion of its broadband and data business.
“Whether from a perspective of compliance to the PSE or based on purely economic/market driven benefits, there should be no reason why the company should be prevented from bringing the publicly traded shares into play again, and eventually raising capital to fund future plans, both within and outside of the fixed broadband space,” said Miguel Bitanga, COO of PT&T.
PT&T was last traded on Dec. 9, 2004 when it closed at P0.33 per share.
Company president James G. Velasquez said PT&T has underlying assets and existing business to support its shares as well as competent management team and positive growth outlook.
He said denying the company’s request to lift the trading suspension would be detrimental to all creditors of PT&T, which recently secured the Makati REgional Trial Court’s approval to exit from rehabilitation subject to compliance with certain requirements.
Under the court-approved 14-year rehabilitation plan, PT&T intends to settle its P8.8 billion debts to creditors through the issuance of redeemable serial preferred shares.