PT&T's capital stock increase seen to help firm's expansion

Philippine Telegraph & Telephone Corp. (PT&T) has secured the approval of the Securities and Exchange Commission (SEC) for a substantial increase in its authorized capital stock. 

The capitalization of PT&T’s went up from P3.8 billion to P12.6 billion. The company said this development has underscored the critical role of its strong and strategic management.

The increase in authorized capital stock signifies a transformative step, positioning PT&T with a financial foundation that may support strategic expansion and corporate initiatives. 

"Our revamped corporate structure sets the stage for a new era of innovation, growth, and financial stability," said its CEO, James Velasquez, in a press release.

"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,'' he added. 

The firm said that the enhanced capital stock structure comprises 1.5 billion common shares, each with a par value of P1.00, and 230 million serial cumulative convertible redeemable preferred shares at P10.00 per share.

Aligned with its mission and vision, PT&T’s transformational journey aims to drive technological innovation, reinforcing the company’s commitment to progress and nation-building.—AOL, GMA Integrated News