PT&T quadruples capitalization as it prepares for fund raising
Philippine Telegraph and Telephone Corp. is raising its capitalization by more than four times to P15.6 billion to raise the much-needed funds to bolster its bid to become the country?s third telco player.
In a filing with the stock exchange, PT&T said the increase would allow it to “secure additional funds and investments for its operations.?
PT&T sought an increase in its capitalization following its exit from corporate rehabilitation. It has committed to settle its P8.8 billion worth of obligations through a debt-to-equity conversion as required under its approved rehabilitation plan.
The company provides high-speed fixed internet services in the Greater Manila Area, and northern and southern Luzon.