PHILIPPINE TELEGRAPH and Telephone Corp. (PT&T) is seeking the lifting of the trading suspension on its shares at the Philippine stock Exchange (PSE), saying it has already completed the requirements.
In a statement on Thursday, the telco company said it has “completed all the requirements set by PSE for the lifting of the voluntary suspension trading of its 800 million common shares.”
PT&T shares were last traded on Dec. 9, 2004, closing at P0.33 apiece.
“Having fulfilled the requirements set by the PSE, PT&T should be allowed to resume trading and enact future plans of the new shareholders and management team,” PT&T Chief Operations Officer Miguel Marco A. Bitanga was quoted as saying in the statement.
The company, under a new management, is competing in the race to become the third major player in the telecommunications industry.
“Whether from a perspective of compliance to the PSE or based on purely economic/market driven benefits, there should be no reason why the company should be prevented from bringing the publicly traded shares into play again, and eventually raising capital to fund future plans, both within and outside of the fixed broadband space,” Mr. Bitanga added.
PT&T chief executive officer James G. Velasquez told reporters last week it is planning to raise funds from the capital market to fund its participation in the government’s bid for a so-called third telco player.
Mr. Velasquez in the statement said the PSE’s rejection of its request to lift the trading suspension would be “detrimental to all creditors of PT&T, which recently secured approval from court to exit corporate rehabilitation.”
The government said it is committed to finish its search for a third telco player by December at the latest. The new player is set to challenge the reigning duopoly of PLDT, Inc. and Globe Telecom, Inc.
PT&T on Thursday also announced its annual stockholders’ meeting has been rescheduled to Sept. 20 from initial date Sept. 14 because of logistical and legal concerns. — Denise A. Valdez