Philippine Telegraph and Telephone Corp. (PT&T) is planning to increase its authorized capital stock to P16.4 billion, proceeds of which will go to debt repayment.
The listed telecommunication firm, in a disclosure on Tuesday, said that the capital stock would be divided into 1.5 billion common stocks and 230 million serial cumulative convertible redeemable preferred stocks.
It will include 7.456 billion series “A” serial redeemable preferred stocks, 4.292 billion series “B” serial redeemable preferred stocks and 852 million series “C” serial redeemable preferred stocks. Currently, PT&T has authorized capital of P11.8 billion.
“As per disclosure, the increase in authorized capital stock [is] to give way to the issuance of additional serial redeemable preferred stocks of PT&T in favor of its creditors as debt payments. In this case, this won’t pose any changes in the way PTT conducts its business,” Regina Capital Development Corp. head of sales Luis Limlingan said.
In April, PT&T announced its partnership with US-based Continental Advisory Services LLC (CAS), along with associate Urban Logistics Advisory (ULAS), to upgrade its network infrastructure as part of its expansion.
Given their expertise, CAS and ULAS are bringing their technical knowledge about integrated engineering and outsourced logistics services to the table.
PT&T said it plans to boost its coverage in areas around Metro Manila and key cities nationwide.