PHILIPPINE Telegraph and Telephone Corp. (PT&T) has secured the approval of the Securities and Exchange Commission (SEC) to increase its authorized capital stock.
In a media release on Wednesday, the listed telecommunications company said its enhanced capital stock consists of 1.5-billion common shares priced at P1 each and 230 million preferred shares at P10 apiece.
Its capital structure will increase to P12.6 billion from P3.8 billion, PT&T said.
“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,” Miguel Marco A. Bitanga, chief operating officer and treasurer of PT&T, said in a statement.
The company said its capital stock increase will also include 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, at P1 each.
It added that the increase in its authorized capital stock will strengthen its financial capacity as it is looking at “strategic expansion” and other corporate activities.
“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,” said James G. Velasquez, president and chief executive officer. — Ashley Erika O. Jose