Publicly-listed PT&T Corp. has secured Securities and Exchange Commission approval to increase its authorized capital stock to P12.6 billion from P3.8 billion as it seeks to reestablish itself as a major player in the telecommunications and information technology industry.
The enhanced capital stock structure comprises of 1.5 billion common shares, each with a par value of P1 and 230 million serial cumulative convertible redeemable preferred shares at P10 per share.
Additionally, it has 6.75 billion Series “A” redeemable preferred shares, 1.8 billion Series “B” redeemable preferred shares, and 250 million Series “C” redeemable preferred shares, all with a par value of P1 per share.
PT&T said the increase in authorized capital stock is a transformative step, giving PT&T a financial foundation to support its strategic expansion and corporate initiatives.
“Our revamped corporate structure sets the stage for a new era of innovation, growth, and financial stability,” James Velasquez, president and chief executive of PT&T, said.
“These changes are expected to empower us to continue delivering exceptional services while facilitating fundraising endeavors, ensuring that PT&T remains at the forefront of the ever-evolving connectivity and IT landscape,” he added.
Miguel Bitanga, PT&T chief operating officer, said the company’s strengthened capital base signifies a pivotal moment in PT&T’s journey.
“It’s not merely about the increase in figures; it’s about expanding our horizons. We are ready to lead the charge into a new era of telco and technology,” Bitanga said.
PT&T has a network reach of 27,638 fiber kilometers in high-growth areas, covering almost 40 percent of the population.
It holds a 25-year legislative franchise that allows it to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication.
