Wednesday 12 December
Aug 30, 2018 @ 16:52

PT&T urges PSE to lift trading suspension

 

Philippine Telegraph & Telephone Corp. urges the Philippine Stock Exchange to immediately lift the trading suspension on its shares to allow it to raise the much-needed funds to support its aggressive expansion and its bid to become the country’s third telco player.

PT&T hopes to resume trading within the year after completing all the requirements set by the PSE for the lifting of its trading suspension.

Trading in PT&T shares was suspended in December 2004 after the company filed for voluntary trading suspension.

The new management of PT&T led by Salvador Zamora II wants to raise fresh capital to fund the expansion of its broadband and data business.

“Whether from a perspective of compliance to the PSE or based on purely economic/market driven benefits, there should be no reason why the company should be prevented from bringing the publicly traded shares into play again, and eventually raising capital to fund future plans, both within and outside of the fixed broadband space,? said Miguel Bitanga, COO of PT&T.

PT&T was last traded on Dec. 9, 2004 when it closed at P0.33 per share.

Company president James G. Velasquez said PT&T has underlying assets and existing business to support its shares as well as competent management team and positive growth outlook.

He said denying the company’s request to lift the trading suspension would be detrimental to all creditors of PT&T, which recently secured the Makati REgional Trial Court’s approval to exit from rehabilitation subject to compliance with certain requirements.

Under the court-approved 14-year rehabilitation plan, PT&T intends to settle its P8.8 billion debts to creditors through the issuance of redeemable serial preferred shares.

Please follow and like us:

Tags: , , , , , , ,

Related Stories
With barely a day before judgement day, Philippine Telegraph & Telephone Corp. lodged before the
The Manila Regional Trial Court has denied NOW Corp.'s plea for a 20-day restraining order
The Department of Information and Communications Technology will come up with a new set of
Telco giant PLDT Inc. has voluntarily surrendered to the government the 3G frequency it acquired


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.