FOLLOWING its recent settlement of more than half-a-million-peso fine to the Philippine Stock Exchange (PSE), the Philippine Telegraph and Telephone Co. (PT&T) said it is willing to pay over P3 million as remaining penalties and comply with all the requirements set by the regulators to lift the voluntary trading suspension of its shares.
On August 30 PT&T President and CEO James G. Velasquez wrote a letter to the local bourse asking for the end of the deferment of its equity trade.
The company then settled the following day the P635,000 penalties imposed by the PSE.
Nevertheless, the local stock exchange wrote a letter dated September 3 to PT&T, stating additional violations from 2011 to 2018 amounting to P3.8 million.
“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,” the firm said.
PT&T reiterated its desire to cooperate with the PSE as it wishes to resume trading of its 800 million common shares.
“There has been some confusion and miscommunication, but we will work closely and cooperate to the end with the PSE for the lifting of suspension,” the company said.
Shares of PT&T have been voluntarily deferred since December 13, 2004. They were last traded on December 9, 2004, closing at P0.33 apiece.
“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.” It said.
The publicly listed firm gave assurance to the local bourse that it will adhere to all the rules for registered companies and remains committed to fair, accurate, complete and timely disclosure of material information.
Velasquez earlier said PT&T has the underlying assets and existing business to support its shares, as well as a competent new management team and bullish growth outlook.
In the first nine months ending March 31, 2018, the company reported a P38.2-million net income, from a net loss of P5.5 million in the same period in 2017.
For fiscal year ending June this year, its profits reached P37 million from a net loss of P27 million during the same time last year.
Net operating revenues increased by 55 percent to P211 million for the 12 months ending June 30 compared to P136 million posted in the same period the prior year on the back of new clients.
Holding a 25-year franchise, PT&T establishes, maintains and operates both wired and wireless telecommunications systems for local and international communications in the Philippines.
Its existing, scalable network and infrastructure, spanning more than 1,000 kilometers of pure fiber-optic cables, enable it to easily meet the network demands of customers in Greater Manila Area (GMA), Northern and Southern Luzon, and Cebu regions.
PT&T’s high-speed broadband service is available in GMA, and in areas north and south of Luzon.