PT&T Corp. said Friday it plans to resume trading on the Philippine Stock Exchange (PSE) soon after being delisted for nearly two decades.
The company said in a statement it was “actively pursuing the resumption of its trading on the PSE.”
Shares of PT&T were last traded on Dec. 9, 2004, when it closed at P0.33 apiece. It had a public float of 29.95 percent.
PT&T said while the PSE acknowledged that the company no longer faces capital deficiency, there are still pending items to address within its rehabilitation plan.
“While we cannot provide a specific date at this time, we are diligently fulfilling the requirements outlined in our rehabilitation plan. By adhering to the requirements set forth in the plan, PT&T aims to demonstrate its commitment to financial stability and regain its position as a trading entity on the exchange,” PTT president and chief executive James Velasquez said.
“Our immediate goal is to secure the necessary approvals from the PSE to resume trading as soon as possible,” Velasquez said.
The Securities and Exchange Commission (SEC) approved the company’s increase in its authorized capital stock from P3.8 billion to P12.6 billion in November 2023
“This increase facilitated the P8.9 billion debt-to- equity conversion, paving the way for the issuance of preferred shares [Series A, B and C] as outlined in the rehabilitation plan,” PT&T said.
“Furthermore, it enabled the partial settlement of statutory obligations, salaries, wages, and other employee benefits from the escrow accounts as of December 2023,” it said.
PT&T said the successful debt-to-equity conversion enabled the company to eliminate P9.3-billion capital deficiency, resulting in a substantial decrease in its liabilities and strengthening its capital position, achieving an impressive turnaround of over 100 percent year-on-year.
The company posted a net income of P7.9 million in 2023, a turnaround from the P14.2-million loss in 2022.