PT&T to work with PSE to resolve disclosure ‘issues’

Philippine Telegraph & Telephone Corp. (PT&T) was able to meet all disclosure requirements of the Philippine Stock Exchange Inc. (PSE), the telco said late Monday, belying the exchange’s claim that it was remiss in heeding what regulation demands from publicly listed companies.

Nevertheless, it will try to work things out with the PSE.

“To clarify, PT&T completed from its end the requirements to officially request PSE for the lifting of its trading suspension,” chief operating officer Miguel Bitanga told GMA News Online.

The PSE said on Monday it was studying the possibility of delisting PT&T from the roster of publicly listed companies for failing to heed reportorial requirements.

“PT&T has not submitted compliant structured reports since 2004. Accordingly, the company will remain under involuntary trading suspension until it completes its submissions,” PSE president and CEO Ramon Monzon said.

He also said that the company failed to submit on time disclosures on the issuance of shares to three companies, penalties imposed by the Securities and Exchange Commission, and the legal proceedings involving corporate rehabilitation.

Bitanga noted that PT&T has completed the requirements and was supposedly advised by Monzon on how to go about its request during a meeting with PT&T president James Velasquez.

“In a meeting between Mr. Velasquez and PSE’s Mr. Monzon two months ago, PT&T requested guidance on how to proceed with the lifting of its trading suspension,” said Bitanga.

“It was discussed during the said meeting that PT&T should address its rehab exit and compliance/governance issues,” he said.

The Regional Trial Court of Makati City approved PT&T’s request to exit its corporate rehabilitation seven years earlier than the scheduled 2025 deadline, in line with its bid for the third telco slot in the country.

“PT&T is on track to exit rehab and has been working to address all compliance issues including settlement of past penalties,” Bitanga noted.

“Any additional penalties that will be forwarded to us will be reviewed and settled accordingly. PT&T will work closely with PSE in addressing any other issues,” he added.

PT&T shares closed at P0.33 per share when they last traded on Dec. 9, 2004. Voluntary suspension followed on December 13 that same year.

Bitanga said last week the company was optimistic of resuming trading this year to boost its bid for the third telco slot. —VDS, GMA News