MANILA, Philippines — Philippine Telegraph & Telephone Corp. (PT&T) is keen on trading its shares again on the local bourse after a hiatus of two decades, to enable it to raise funds from the investing public.
In a statement on Friday, PT&T said it was working on securing the approval of the Philippine Stock Exchange (PSE) to pave the way for its return to the market.
“Our immediate goal is to secure the necessary approvals from the PSE to resume trading as soon as possible,” PT&T president and CEO James Velasquez said.
READ: SEC OKs PT&T’s 230% capital hike
“While we cannot provide a specific date at this time, we are diligently fulfilling the requirements outlined in our rehabilitation plan. By adhering to the requirements set forth in the plan, PT&T aims to demonstrate its commitment to financial stability and regain its position as a trading entity on the exchange,” he explained.
The company filed for voluntary trading suspension on Dec. 13, 2004, because it could no longer meet the reportorial requirements of the PSE amid financial challenges.
READ: PT&T eyes stock market return after two-decade suspension
PT&T has since erased its capital deficiency and even received fresh funding.
While PT&T has expressed optimism over its return, Regina Capital Development Corp. head of sales Luis Limlingan said the company might face some difficulties ahead.
“[It] would be difficult for PT&T to reenter the market especially as telco is already a very mature market with little to no catalyst set to lift the industry,” Limlingan explained.
In November last year, PT&T announced that it had increased capitalization by nearly P9 billion to fund its expansion, which includes the rollout of fiber optic infrastructure to scale up its footprint. INQ