PT&T gets SEC nod to hike capital stock

PT&T Corp. has secured the approval of the Securities and Exchange Commission or SEC to substantially increase its authorized capital stock—a move that the diversified telecommunications firm saw as an important boost to support network expansion.

The company said on Wednesday that it was allowed by the regulator to hike its capitalization by around 232 percent to P12.6 billion from P3.8 billion.

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

Additionally, there are 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, all with a par value of P1 per share.

"Our revamped corporate structure sets the stage for a new era of innovation, growth, and financial stability. 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 landscape," PT&T President and CEO James Velasquez said.

Meanwhile, PT&T COO Miguel Bitanga pointed out that the recent development will expand the company's horizon.

"It's not merely about the increase in figures. We are ready to lead the charge into a new era of telco and technology," Bitanga said.

PT&T reiterated the additional funds that will be raised will be used to support strategic expansion and corporate initiatives to underscore the company's commitment as a major industry player.

The company's transformational journey is in line with its mission and vision to drive technological innovation, reinforcing the company's commitment to progress and nation-building.