PTT EYES REVERSAL OF CAPITAL HIKE

The Philippine Telegraph and Telephone Corp (PTT) is eyeing the possible reversal of its planned increase in its authorized capital stock that the Philippine Stock Exchange (PSE) earlier approved.

PT&T had sought the increase in its capital stock to accommodate the conversion of its debts to equity as mandated under its Rehabilitation Plan.

Considering the nature of the documentary requirements imposed by the SEC in converting the debts to equity, PT&T deems it proper to first address the said documentary requirements before implementing any debt-to-equity conversion and increase in its authorized capital.

This proposal of PT&T will not affect the provisions of its Rehabilitation Plan. The debt-to-equity conversion mandated under the Rehabilitation Plan will still be implemented by PT&T but the same will be done in several tranches or every time PT&T completes the documentary requirements imposed by the SEC.

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