PT&T keen on resuming PSE trades

Philippine Telegraph and Telephone Corp. (PT&T) has expressed willingness to pay the Philippine Stock Exchange (PSE) some P4 million on top of the P635,000 which it already paid for the lifting of its trading suspension.

PT&T yesterday said it is open to settle the remaining penalties and comply with all the requirements set by the PSE.

“We paid what we were aware of as of Aug. 31, and if there are additional penalties we will settle those as well to comply. We wish to cooperate with the PSE and have the fervent desire to resume trading on our shares,” the company said.

PT&T president and chief executive officer James Velasquez earlier wrote a letter to the PSE requesting the lifting of the suspension, saying it has completed all the requirements set by the PSE.

The company has also settled the P635,000 penalties imposed by the PSE.

The PSE, however, wrote a letter to PT&T last Monday stating additional violations from 2011 to 2018 amounting to P3.8 million.

“There has been some confusion/ miscommunication, but we will work

closely and cooperate to the end with the PSE for the lifting of the suspension. We wanted to inform our shareholders that PT&T is doing its utmost to comply with the requirements to lift the suspension to protect and pursue their interests,” the company said.

PT&T likewise assured the PSE that the company would follow all the rules for listed companies and remains committed to fair, accurate, complete, and timely disclosure of material information.

Velasquez earlier said the company has the underlying assets and existing business to support its shares as well as competent management team and positive growth outlook.

Shares of PT&T closed at P0.33 per share when they last traded on Dec. 9, 2004.

Upon the entry of new investors last year, the company had expressed its desire to resume trading and strengthen its ability to raise fresh capital for the planned expansion of current broadband and data business as well as possibly becoming the country’s third major telco player.

PT&T reported a P37 million net income in fiscal year ending June, a turnaround from a net loss of P27 million in the same period last year.

The company’s net operating revenue amounted to P211 million, up 55 percent from P136 million the previous fiscal year due to additional clients.