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"Suspended" Philippine Telegraph and Telephone Corporation
#11
8-31

...sure na 'to na titirahin pag na-lift suspension kasi buhay na buhay pa rin ang hype ng third telco Tongue kaya ready guys

PT&T urges PSE to lift trading suspension

PHILIPPINE TELEGRAPH and Telephone Corp. (PT&T) is seeking the lifting of the trading suspension on its shares at the Philippine stock Exchange (PSE), saying it has already completed the requirements.

In a statement on Thursday, the telco company said it has “completed all the requirements set by PSE for the lifting of the voluntary suspension trading of its 800 million common shares.”

PT&T shares were last traded on Dec. 9, 2004, closing at P0.33 apiece.

“Having fulfilled the requirements set by the PSE, PT&T should be allowed to resume trading and enact future plans of the new shareholders and management team,” PT&T Chief Operations Officer Miguel Marco A. Bitanga was quoted as saying in the statement.

The company, under a new management, is competing in the race to become the third major player in the telecommunications industry.

“Whether from a perspective of compliance to the PSE or based on purely economic/market driven benefits, there should be no reason why the company should be prevented from bringing the publicly traded shares into play again, and eventually raising capital to fund future plans, both within and outside of the fixed broadband space,” Mr. Bitanga added.

PT&T chief executive officer James G. Velasquez told reporters last week it is planning to raise funds from the capital market to fund its participation in the government’s bid for a so-called third telco player.

Mr. Velasquez in the statement said the PSE’s rejection of its request to lift the trading suspension would be “detrimental to all creditors of PT&T, which recently secured approval from court to exit corporate rehabilitation.”

The government said it is committed to finish its search for a third telco player by December at the latest. The new player is set to challenge the reigning duopoly of PLDT, Inc. and Globe Telecom, Inc.

PT&T on Thursday also announced its annual stockholders’ meeting has been rescheduled to Sept. 20 from initial date Sept. 14 because of logistical and legal concerns. 


source: http://www.bworldonline.com/ptt-urges-ps...uspension/
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#12
...i-delist na yan! Tongue

PSE looking into delisting PTT

THE Philippine Stock Exchange, Inc. (PSE) is looking at possibly removing Philippine Telegraph & Telephone Corp. (PTT) from the roster of firms listed on the local stock market, following the company’s repeated violation of disclosure rules.

The bourse operator said in a statement on Monday that the telco operator has yet to comply with structured filings since 2004, which includes quarterly and audited annual financial reports.

In addition, the PSE cited several instances when PTT did not adhere to the timely disclosure of material information, such as failure to disclose issuance of shares to three companies, penalties imposed by the Securities and Exchange Commission, as well as legal proceedings regarding corporate rehabilitation.

“It seems that the Exchange’s disclosure rules were blatantly disregarded by PTT. Our team is now evaluating if these multiple disclosure violations warrant the delisting of PTT from the roster of listed firms of PSE,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

The PSE’s statement was in response to PTT officials’ pronouncements last week, where PTT Chief Operations Officer Miguel Marco A. Bitanga said the PSE should lift the trading suspension implemented on the company’s shares since Dec. 4, 2009.

“Whether from a perspective of compliance to the PSE or based on purely economic/market driven benefits, there should be no reason why the company should be prevented from bringing the publicly traded shares into play again, and eventually raising capital to fund future plans, both within and outside of the fixed broadband space,” Mr. Bitanga was previously quoted as saying.

The PSE, however, stands firm that PTT did not comply with such requirements.

“PTT has not submitted compliant structured reports (i.e., quarterly and audited annual reports) since 2004. Accordingly, the company will remain under involuntary trading suspension until it completes its submissions. The company’s declaration in its press release totally surprised us considering we had previously met and informed Mr. Velasquez about these several violations,” Mr. Monzon said, referring to PTT Chief Executive Officer James G. Velasquez.

The PSE has since sent a formal letter to the company informing them of these violations.

“The Exchange has always impressed upon listed companies its rules on fair, accurate, complete, and timely disclosure of material information. This rule applies to all listed firms, even those under trading halts or suspensions,” Mr. Monzon added. 


source: http://www.bworldonline.com/pse-looking-...sting-ptt/
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#13
9-5

...humahabol para hindi ma-delist Tongue

PT&T willing to pay any penalty imposed by PSE

THE Philippine Telegraph and Telephone Corp. (PT&T) on Tuesday said it is willing to settle any remaining penalties the Philippine Stock Exchange (PSE) may impose, as well as comply with the requirements that may pave the way for the lifting of its trading suspension.

“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 telecommunications company said in a statement.

On Monday, the PSE issued a statement, saying it is evaluating PT&T’s repeated violation of disclosure requirements to see if this may be grounds for its removal from the roster of listed companies.

“It seems that the Exchange’s disclosure rules were blatantly disregarded by PT&T,” PSE president and chief executive officer Ramon S. Monzon said in the statement. The bourse operator said PT&T has not submitted its compliant structured reports since trading of its shares was suspended in 2004, and its material information disclosures were not submitted on time.

PT&T said it only received on Sept. 3 the PSE’s letter detailing additional fines totaling P3.8 million from violations made between 2011 to 2018.

The company had assumed it had already settled the case with the PSE after it paid on Aug. 31 the P635,000 penalties it was initially charged with.

“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,” the company added.

PT&T chief operations officer Miguel Marco A. Bitanga told BusinessWorld in a text message he is seeking a meeting with the PSE to discuss any additional penalties.

“It is in our best interest to settle all remaining penalties immediately, and now are seeking to confirm both the final amount and list of penalties with this objective,” he said.

PT&T also reiterated its call to be allowed to resume the trading of its shares, saying it “has the underlying assets and existing business to support its shares as well as competent management team and positive growth outlook.”

PT&T is one of the telco companies planning to participate in the government’s bid for a so-called “third telco” player.


source: http://www.bworldonline.com/ptt-willing-...ed-by-pse/
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#14
9-19

...nangangamoy pera na Tongue

PT&T to start debt-to-equity conversion next month in bid to be third telco

PHILIPPINE Telegraph and Telephone Corp. (PT&T) is set to start by next month the implementation of its debt-to-equity conversion, in line with its exit from court-assisted rehabilitation as granted by a Makati City Regional Trial Court (RTC).

In an Aug. 6 court decision uploaded to the stock exchange on Monday, it said the conversion to equity is targeted to begin on Oct. 5, when the company finishes its annual stockholders’ meeting scheduled on Thursday.

It noted, the company would be issuing “serial, cumulative, convertible and redeemable preferred shares and implementing the debt-to-equity conversion to pay the debts of PT&T to increase its authorized capital stock to P10,187,150,000.”

The authorized capital stock would consist of 1.38715 million common shares at P1 par value, 7.5 million serial cumulative convertible redeemable preferred shares at P100 par value and 8.8 billion serial redeemable preferred shares at P1 par value.

“This increase is to satisfy more or less P8 billion debts of PT&T,” it said.

The court decision said the Makati RTC could not complete the termination of the company’s rehabilitation proceedings until it accomplishes all items in the timetable it submitted to the court, which outlined the courses of action it is to take upon exiting.

“[T]his Court could not totally terminate the rehabilitation proceedings of PT&T at this time, in view of the timeline that petitioners submitted which are still to be accomplished by them. It is however, clear that the petitioners are in the right course leading to the path of successful rehabilitation,” it said.

Aside from the stockholders’ meeting this week and the debt-to-equity conversion next month, PT&T is also to start in November the settlement of statutory obligations until June of 2020.

“[T]he Stay Order shall remain effective during the duration of (the) rehabilitation plan,” it said.

In a bid to resume operations and join the government’s search for a so-called “third telco” player, PT&T is exerting various efforts to leave its corporate rehabilitation and resume trading of stocks in the Philippine Stock Exchange (PSE).

The telecommunications company was once PLDT, Inc.’s biggest rival in the telco industry, but has spent years slumped in debt that led to its application for voluntary suspension of trading in 2004.

PT&T signed an agreement with state-owned National Transmission Corp. (TransCo) in March for the use of the national fiber optic backbone facility of the government.

In a regulatory filing, the company said it recorded 43.4% smaller losses in 2017 at P26.906 million from the earlier year’s P47.565 million.


source: http://www.bworldonline.com/ptt-to-start...ird-telco/
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#15
9-21

...pera pera lang yan (sila muna insiders pepera then yung mga investors sunod, huli na pag public na) Tongue

PT&T plans P7-B fund raising for broadband expansion

PHILIPPINE Telegraph and Telephone Corp. (PT&T) is looking to raise P7 billion for its plan to expand its fixed line coverage throughout the country over the next two years.

In a press conference on Thursday, PT&T Chief Executive Officer James G. Velasquez said the company had started expanding its presence outside existing coverage in Metro Manila and outlying areas in Regions 3 or Central Luzon, and 4A or Mimaropa (Occidental Mindoro, Oriental Mindoro, Marinduque, Romblon and Palawan).

“In a span of one year, I can say the company has done extremely well. And that’s really because of the focus on our current business, which is broadband. We are a 100% pure fiber broadband company today. Our plan is to grow that,” he said.

“We have already started expansion of our network . . . I think we’re looking at P100 million to fund immediate growth for this year,” adding about P7 billion is needed to build a nationwide backbone.

In March, the listed company signed a memorandum of understanding (MoU) with state-owned National Transmission Corp. (TransCo) to use the government’s national fiber optic backbone facility.

Mr. Velasquez said the partnership with TransCo is expected to help in PT&T’s plan to expand its fiber footprint to about 20,000 kilometers from the current 10,000 kilometers.

“We’re working on [our MoU with TransCo] as well, essentially to get us nationwide presence. We plan to be able to increase our fiber footprint from 10,000 kilometers to about 20,000 kilometers, which is essentially reaching more Filipinos in the country,” he said.

He noted as soon as the company’s signs a final agreement with TransCo, PT&T is looking at a 24-month nationwide expansion period, which will come in three phases: six months for Luzon, a year for Visayas, and the remainder for Mindanao.

With the goal of boosting its operations after suffering from an P8.8-billion debt, PT&T had sought an early exit from its court-assisted rehabilitation program and is seeking the resumption of trading of its shares at the Philippine Stock Exchange.

The regional trial court of Makati City granted PT&T’s petition to leave its corporate rehabilitation last month.

On Thursday, the company held its first annual stockholders’ meeting since its voluntary suspension of trading with the PSE in 2004.

Shareholders have agreed in the program to conduct a debt-to-equity conversion, to increase the authorized capital stock to P15.6 billion from P3.8 billion, and to participate in the government’s search for a so-called “third telco” player.

Alfredo T. Divino, Jr., the company’s chief finance officer, said PT&T aims to source funding for projects, such as the broadband expansion and third telco bid, through a mix of equity, internally generated funds and the resumption of trading,

“The whole range of capital-raising activities are open to us, and we will calibrate depending on the amounts needed,” he said.

Renato B. Garcia, one of PT&T’s directors, said the company is in talks with foreign investors for the funding of its third telco participation, but refused to disclose details.


source: https://www.bworldonline.com/ptt-plans-p...expansion/
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#16
10-2

...bakit kasi hindi kayo nag-appeal? eng eng Big Grin

PT&T appeals ‘erroneous’ fee imposed by NTC

PHILIPPINE Telegraph and Telephone Corporation (PT&T) has filed a petition with the Court of Appeals (CA), questioning the “erroneous” and “inaccurate” amount of supervision and regulation fee (SRF) imposed on the company by the National Telecommunications Commission (NTC).

“While PTT is required to pay an annual SRF, the amount PT&T is being required to pay under the 28 September 2018 Decision of the NTC is inaccurate for the same was computed by the NTC based on its erroneous assumption of PT&T’s paid-up capital,” the company said in a disclosure to the stock exchange on Monday.

In a Sept. 28 decision, the NTC asked the company to pay a total SRF of P444 million — broken down as P330 million for the period from 2002 to 2015; and P114 million from 2016 to 2017.

The NTC said SRF for the 2002 to 2015 period was based on PT&T’s paid-in capital of P8.712 billion, as computed in a resolution it released on March 31, 2017.

Although it acknowledged that PT&T’s annual reports showed the additional paid-in capital is P2.054 billion, the NTC said it cannot overturn its own decision because the company failed to file an appeal within 15 days from its issuance.

“For (PT&T)’s failure to contest the computation within the time allowed, the Commission deems the basis and resulting computation of (PT&T)’s SRF from 2002 as final and binding,” it said.

Last Feb. 28, PT&T filed an appeal with the NTC to recompute the SRF, almost a year after the resolution was released.

As for the SRF from 2016 to 2017, the NTC said this was based on PT&T’s paid-in capital of P10.766 billion, as indicated in its March 31, 2017 decision.

In a mobile message to BusinessWorld, NTC Deputy Commissioner Edgardo V. Cabarios said: “We stand by our assessment but we will respect the resolution of the courts on the matter.”

PT&T is one of the companies vying for the third telco player slot being auctioned off by the government.

The selection terms for the third player required that participants have no outstanding liability with the NTC as of Oct. 1.

Asked how the latest NTC decision will affect the company’s intentions of joining the bidding, PT&T chief executive officer James G. Velasquez said it should be of no concern, as the restriction is limited to uncontested liabilities. He noted PT&T is fully paid on this aspect.

“As the fee amount in this particular instance is contested, it does not prevent us from bidding as planned,” he told BusinessWorld.

In a statement, Mr. Velasquez said the company has already paid the NTC its uncontested P10.27 million SRF for 2018, and the P20.57 million for its spectrum users fee from 2003 to 2018.

The government plans to name the third telco player by December. The deadline of submission of bids is on Nov. 5.


source: https://www.bworldonline.com/ptt-appeals...ed-by-ntc/
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#17
10-2

...sagot ni PTT as per disclosure nya sa PSE:

Subject of the Disclosure
News article entitled “PT&T owes govt half a billion pesos” posted in The Manila Times.net on October 2, 2018.

Source
Manilatimes.net
Subject of News Report
Outstanding Supervision and Regulation Fees (SRF) owed by PTT to the NTC
Date of Publication
Oct 2, 2018

Clarification of News Report
Reply to the Exchange's correspondence dated 2 October 2018, seeking clarification on the news article entitled “PT&T owes govt half a billion pesos” posted in The Manila Times.net on October 2, 2018 which reported in part that:

“Philippine Telegraph and Telephone Co. (PT&T) owes the government almost half a billion pesos in fees, the National Telecommunications Commission (NTC) said, a claim that the telecommunications company (telco) disputed. In a decision written last Friday and released to the media on Monday, the state-run agency said the third major telco aspirant needed to settle more than P443.79 million in outstanding supervision and regulation fees (SRF) and interest incurred from 2002 to 2017. The commission computed the SRF based on PT&T’s paid-up capital, which stood at P2.344 billion in 2002, P2.054 billion from 2003 to 2011, and P10.765 billion from 2012 to 2017."

REPLY: PTT confirms that the National Telecommunications Commission (NTC) is requiring it to pay P 443.79 million pesos for Supervision and Regulation Fee (SRF) for the years 2002 to 2017. As disclosed with the Philippine Stock Exchange, PTT filed yesterday a petition with the Court of Appeals for the purpose of assailing the decision of the NTC which requires PTT to pay the said amount. The amount of the SRF being collected from PT&T is inaccurate because the same was computed by the NTC based on its erroneous assumption of the amount of PT&T's paid-up capital.

As a sign of PTT's willingness to comply with the regulations of NTC, PTT paid last 28 September 2018 the uncontested portion of the SRF for the year 2018 in the amount of 10.2 million pesos based on the correct paid-up capital of PTT. Last 28 September 2018, PTT likewise paid in full its outstanding Spectrum User Fee (SUF) due to NTC in the amount of 20.5 million pesos.


source: http://edge.pse.com.ph/openDiscViewer.do...qaAm7.dpbs
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#18
10-11

...sabi ko noon, ito mananalo eventually sa 3rd telco since malapit ito sa pangulo ng pinas Smile

PT&T firms up interest in 3rd telco bidding

PHILIPPINE Telegraph and Telephone Corp. (PT&T) on Wednesday signified its interest in joining the government’s search for a third telecommunications player by purchasing the bid documents.

“We have gone over the bid documents and they are acceptable to us. We have bought the bid documents and believe we have a strong chance to win. We are the only local company that would comply with the requirements and we have over 50 years of telecommunications experience servicing the Filipino people,” PT&T President and CEO James G. Velasquez said in the statement.

Mr. Velasquez said the bid documents were “consistent with what the DICT (Department of Information and Communications Technology) and NTC (National Telecommunications Commission) has shared in the…selection process.”

On Tuesday, another third telco aspirant, Now Corp., said it sued the NTC over “onerous” financial requirements in the terms of reference for the new major telecommunications player.

At the same time, PT&T said it posted a P25-million net income for the full year ending June, growing 193% from in the same period last year.

In a statement on Wednesday, the aspiring third telco player said its financial performance was “fueled by higher client base and lower operating expenses,” after recording a 62% rise in revenues to P201 million from P124 million during the same period in 2017.

PT&T said its client base grew 72.64% year-on year, noting the impact of the company’s change in leadership.

Menlo Capital Corp. acquired 70% of PT&T from Republic Telecommunications Holdings, Inc. in August 2017. A new set of management has since come in.

“Our focus on the fixed broadband business has led to growth. The future is bright for PT&T and we expect continued growth as we capture more opportunities in this space,” Mr. Velasquez said in the statement.

When PT&T held its annual stockholders’ meeting last month, the first since its voluntary suspension of trading in 2004, Mr. Velasquez said the company intends to strengthen its broadband network nationwide.

Mr. Velasquez said the company is raising P7 billion to fund a plan to double its fiber footprint to about 20,000 kilometers within two years. He noted its newly signed memorandum of understanding with state-owned National Transmission Corp. (TransCo) will help PT&T with the plan as it will ensure the use of the government’s fiber optic backbone facility. 


https://www.bworldonline.com/ptt-firms-u...o-bidding/
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