PT&T board approves capital increase to P16.4B

PHILIPPINE Telegraph and Telephone Corp. (PT&T) said on Tuesday that its board of directors had approved an increase in its authorized capital stock to P16.4 billion.

In a regulatory filing, PT&T said the amendment to the company’s articles of incorporation was decided on July 27. It said the capital hike from P11.8 billion was meant to accommodate the issuance of additional preferred shares.

The removal of the restriction on foreign ownership in common stocks is intended to increase the number of potential investors and raise additional funds for business operations, the company said.

The authorized capital stock is divided into 1.5 billion shares of common stock at P1 per share; 230 million serial cumulative convertible redeemable preferred stock at P10 per share; 7.456 billion series “A” serial redeemable preferred stocks at P1 per share; 4.292 billion series “B” serial redeemable preferred stocks at P1 per share; and 852 million series “C” serial redeemable preferred stocks with a par value of P1 per share. — A. E. O. Jose