The new management of Philippine Telegraph and Telephone Co. said it is willing to settle the remaining penalties and comply with all the requirements set by the Philippine Stock Exchange for the lifting of trading suspension.
“We paid what we were aware of as of August 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,” PT&T said.
PT&Ts statement came after PSE said the company had not submitted compliant structured reports since 2004 and would remain under involuntary trading suspension until it completed the requirements.
Shares of PT&T were last traded on Dec. 9, 2004 when it closed at P0.33 per share.
PT&T chief executive officer James Velasquez on August 30 wrote a letter to PSE requesting the lifting of suspension and settled P635,000 in penalties imposed by the local stock exchange on August 31.
The PSE, however, informed PT&T on September 3 of 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 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,” PT&T said.
PT&T also assured the PSE that the company would follow all the rules for listed companies and remained committed to fair, accurate, complete and timely disclosure of material information.
Velasquez earlier said the company had the underlying assets and existing business to support its shares as well as a competent management team and positive growth outlook.
PT&T reported a P38.2 million in net income in the first nine months ending March 31 this year from a net loss of P5.5 million a year ago.
The company registered an income of P37 million in fiscal year ending June this year from a net loss of P27 million a year ago.
The company’s net operating revenues amounted to P211 million for the 12-month period ending June 30 2018, up 55 percent from P136 million a year ago because of additional clients.
PT&T holds a 25-year franchise to establish, maintain and operate both wired and wireless telecommunications systems for domestic and international communication in the Philippines.