The Philippine Telegraph and Telephone Corporation (PT&T) is a telecommunications services provider in the Philippines since its establishment in 1962. The company caters to corporate, small/medium business, and residential segments across the country. PT&T's business is categorized into two major services: Connectivity and IT Services.
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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.[2]
PT&T was listed on January 10, 1990, for the trading of its common shares but requested voluntary suspension of trading effective December 13, 2004.[3]
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 the ownership of PT&T from its previous owner Republic Telecommunication Holdings. The acquisition price was not disclosed.[1]
In November 2017, the company announced that it entered negotiations with China Telecom and Datang Telecom Technology regarding plans to form a consortium for its bid.[4] In 2018, PT&T bid to become the country's third telecommunications provider. PT&T was disqualified, thus the winner of the bid were the Mislatel consortium (which became Dito Telecommunity). The National Telecommunications Commission (NTC) said that PT&T failed to meet the technical requirements it set for bidders.[5]
Ownership
| Major Shareholder | % of Total | Common Shares |
|---|---|---|
| Menlo Capital Corporation | 37.33% | 559,999,998 |
| 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 | 15.99% | 239,992,753 |
See also
- Telecommunications in the Philippines
- Internet in the Philippines
- List of companies of the Philippines
- Companies listed on the Philippine Stock Exchange
- Companies based in Makati
References
- ^ a b Camus, Miguel (25 August 2017). "Lucio Tan Jr.'s group acquires PT&T". Philippine Daily Inquirer.
- ^ "Republic Act No. 10894". July 21, 2016. Retrieved September 28, 2023.
- ^ Perez, Emeterio (29 May 2020). "PT&T suspended since Dec. 9, 2004". The Manila Times.
- ^ Salaverria, Leila (20 December 2017). "Duterte wants telco duopoly broken by March". Philippine Daily Inquirer. Retrieved 12 November 2018.
- ^ 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.
External links
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1 Joint venture • 2 Defunct |
This page was last edited on 13 April 2024, at 10:27