PT&T
{{Short description|Telecommunications company in the Philippines}}
{{infobox company
| name = PT&T
| type = Public
| traded_as = {{Pse|PTT}} (suspended since December 13, 2004)
| logo = PT&T_Logo_2020.png
| logo_caption = Logo used since 2018
| founded = {{start date and age|1962|11|14}}
| key_people = {{Unbulleted list
| Roberto B. Ortiz, Chairman
| James G. Velasquez, President and CEO
}}
| products = {{Unbulleted list
| Broadband (Connectivity)
| IT Services
}}
| net_income = -₱22.79 million {{Up}} (2021)
| website = https://www.ptt.com.ph
| module = {{infobox network service provider|child=yes|asn=18233}}
}}
{{for|the company formerly known as the Pacific Telephone and Telegraph Company|Pacific Bell}}
The Philippine Telegraph and Telephone Corporation (PT&T) is a telecommunications service 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.
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.{{cite news|url=https://business.inquirer.net/235759/philippine-telegraph-telephone-corp-lucio-tan-jr-salvador-zamora-ii-benjamin-bitanga-ptt|title=Lucio Tan Jr.'s group acquires PT&T|website=Philippine Daily Inquirer|last=Camus|first=Miguel|date=25 August 2017}}
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.{{cite web |title=Republic Act No. 10894 |url=https://www.officialgazette.gov.ph/2016/07/21/republic-act-no-10894/ |access-date=September 28, 2023 |date=July 21, 2016}}
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.{{cite news|url=https://www.manilatimes.net/2020/05/29/business/columnists-business/ptt-suspended-since-dec-9-2004/727977/|title=PT&T suspended since Dec. 9, 2004|website=The Manila Times|last=Perez|first=Emeterio|date=29 May 2020}}
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.
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.{{cite news |last1=Salaverria |first1=Leila |title=Duterte wants telco duopoly broken by March |url=https://newsinfo.inquirer.net/953753/duterte-wants-telco-duopoly-broken-by-march |access-date=12 November 2018 |work=Philippine Daily Inquirer |date=20 December 2017}} 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.{{cite news |last1=Fenol |first1=Jessica |title=PT&T failed to show ‘technical capability’ in bid for third telco, NTC insists |url=https://news.abs-cbn.com/business/11/07/18/ptt-failed-to-show-technical-capability-in-bid-for-third-telco-ntc-insists |website=ABS-CBN News |access-date=12 November 2018 |date=7 November 2018}}
Ownership
| class="wikitable"
|+Updated Shareholding Structure of PT&T as of 31 December 2022: !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
References
{{reflist}}
External links
- [https://www.ptt.com.ph/ Official website]
{{Philippine telecommunications companies}}
{{DEFAULTSORT:PTandT}}
Category:Telecommunications companies of the Philippines