SEC OKs PT&T’s 230% capital hike

MANILA  -The Zamora and Bitanga family’s Philippine Telegraph & Telephone Corp. (PT&T) received regulatory clearance to hike its authorized capital by over 230 percent to P12.6 billion, which will help the listed broadband and IT services provider pursue fresh expansion plans.

PT&T said in a statement its new capital structure will be comprised of 1.5 billion common shares with a par value of P1 each and 230 million serial cumulative convertible redeemable preferred shares at P10 each.

Additionally, there are 6.75 billion series “A” serial redeemable preferred shares, 1.8 billion series “B” serial redeemable preferred shares, and 250 million series “C” serial redeemable preferred shares, all with a par value of P1 each.

“Our revamped corporate structure sets the stage for a new era of innovation, growth, and financial stability,” PT&T president and CEO James Velasquez said in the statement.

“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.

PT&T, whose shares remained suspended on the Philippine Stock Exchange, said its fiber network spans over 27,600 kilometres across the country, covering nearly 40 percent of the Philippine population.

PT&T chief operating officer Miguel Bitanga said the company’s larger capital base will allow it to ramp up expansion.

“We are ready to lead the charge into a new era of telco and technology,” he said in the statement.