PT&T

The Philippine Telegraph and Telephone Corporation (PT&T) is one of the major telecommunications services provider in the Philippines since its founding in 1962. The company caters to corporate, small/medium business, and residential segments across the country.

PT&T
TypePublic
PSE: PTT
FoundedNovember 14, 1962; 58 years ago
Key people
  • Salvador B. Zamora II, Chairman
  • James G. Velasquez, President and CEO
Products
  • Broadband (Connectivity)
  • IT Services
₱52 million (48%) (2019)
Websitehttps://www.ptt.com.ph

History

PT&T was incorporated on October 16, 1962 and subsequently registered with the Philippine Securities and Exchange Commission on November 14, 1962 under the laws of the Philippines.[1]

PT&T was granted a 25-year national legislative franchise on June 20, 1964 under Republic Act (“RA”) No. 4161, as amended by RA Nos. 5048 and 6970. On July 21, 2016, under RA No, 10894, the Company was granted an extension of its franchise for another 25 years. PT&T’s franchise allows the Company to establish, install, maintain and operate wire and/or wireless telecommunications systems, lines, circuits and stations throughout the Philippines for public domestic and international communications.

PT&T listed on January 10, 1990 for the trading of its common shares but requested voluntary suspension of trading effective December 13, 2004.[2]

It was a major competitor of PLDT in the 1990s prior to the 1997 Asian financial crisis.

In 2017, a consortium led by businessmen Lucio Tan, Jr., Salvador Zamora II and Benjamin Bitanga acquired a majority stake of 70% in ownership of PT&T from its previous owner Republic Telecommunication Holdings. The acquisition price was not disclosed.[1]

In November 2017, the company has announced that it entered with negotiations with China Telecom and Datang Telecom Technology regarding plans to form a consortium for its bid.[3] In 2018, PT&T bid for the country's next third telecommunications provider. PT&T was disqualified and the winner of the bid belongs to the Mislatel consortium (now Dito Telecommunity). The National Telecommunications Commission (NTC) said that PT&T failed to meet technical requirements it has set for bidders.[4]

Ownership
Updated Shareholding Structure of PT&T as of 30 September 2020:
Major Shareholder % of Total Common Shares
Menlo Capital Corporation 37.33% 560,000,000
Telectronic Systems, Inc. (TSI) 20.00% 300,000,241
Republic Telecommunications Holdings, Inc. (RETELCOM) 18.59% 278,873,526
TIMCO Holdings, Inc. 8.08% 121,126,474
Public 15.94% 239,999,759

See also

References
  1. Camus, Miguel (25 August 2017). "Lucio Tan Jr.'s group acquires PT&T". Philippine Daily Inquirer.
  2. Perez, Emeterio (29 May 2020). "PT&T suspended since Dec. 9, 2004". The Manila Times.
  3. Salaverria, Leila (20 December 2017). "Duterte wants telco duopoly broken by March". Philippine Daily Inquirer. Retrieved 12 November 2018.
  4. Fenol, Jessica (7 November 2018). "PT&T failed to show 'technical capability' in bid for third telco, NTC insists". ABS-CBN News. Retrieved 12 November 2018.
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