PT&T hikes capital to P12.6B

PHILIPPINE Telegraph and Telephone Corp. (PT&T) has obtained Securities and Exchange Commission approval to increase its authorized capital stock to P12.6 billion from P3.8 billion.

The enhanced capital stock structure comprises 1.5 billion common shares with a par value of P1 and 230 million serial cumulative convertible redeemable preferred shares at P10 apiece.

The firm’s 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 each have a par value of P1.

“Our revamped corporate structure sets the stage for a new era of innovation, growth and financial stability,” James Velasquez, PT&T president and chief executive officer, 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 (information technology) landscape,” he added.

Miguel Bitanga, PT&T chief operating officer, said the company’s strengthened capital base would be a pivotal moment.

“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 claimed.

PT&T currently has a network reach of 27,638 fiber kilometers in high-growth areas, covering almost 40 percent of the country’s total population.

PT&T shares last traded on Dec. 9, 2004.