PT&T optimistic on sustaining growth

 MANILA, Philippines — Philippine Telegraph and Telephone Corp. (PT&T) is bullish on sustaining its growth momentum this year as well as resuming the trading of its shares at the Philippine Stock Exchange (PSE).

PT&T, who held its annual stockholders’ meeting last week, said the company has made significant improvements on its operations and compliance in the last two years which would help it sustain growth and expand business nationwide.

In December last year, PT&T secured an approval from the Branch 66 of the Regional Trial Court in Makati City to exit corporate rehabilitation earlier than the 2025 schedule. 

PT&T said leaving corporate rehabilitation allows the company to further expand its operations and unlock its true potential as a fixed and wireless broadband player.

The publicly-listed firm said it has been working fervently to comply with the requirements of PSE to have its trading suspension lifted.

Shares of PT&T were last traded on Dec. 9, 2004 when they closed at P0.33 apiece.

“PT&T has gone a long way in just a year and our re-listing in the PSE will allow us to serve more Filipinos with our 100 percent fiber internet and complementary IT services for greater participation in the digital economy,” PT&T president and chief executive James Velasquez said.

“It was encouraging to see a lot of our stockholders at the annual stockholders meeting, excited to learn of our progress with regards to our re-listing efforts and learn about our business results and strategic projects and initiatives,” he said.

PT&T recorded a 55 percent increase in revenues last year driven by robust growth in subscriber base.

In the first quarter, the company continued to see higher revenues, posting a 29 percent year-on-year improvement.

To pursue its growth initiatives, PT&T has increased its authorized capital stock to P15.6 billion.

Through equity restructuring, the company will be able to raise funds in the form of equity offering.

“The proceeds of such fund raising will be utilized to finance growth and expansion, general corporate purposes and other opportunities to be determined by the board,” PT&T said.

PT&T holds a 25-year franchise which allows the company to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication in the country.

The company’s Congressional franchise was renewed in July 2016. 

Its existing network and infrastructure, spanning over 15,000 kilometers of pure fiber optic cables, allow PT&T to meet the network demands of customers in the Greater Manila area and nearby towns in North and South Luzon.