MANILA, Philippines – Business magnates Salvador "Buddy" Zamora II and Benjamin "Benjie" Bitanga took control of listed Philippine Telegraph & Telephone Corporation (PT&T), which last year secured a franchise extension of another 25 years.
On Friday, August 25, Nickel Asia Corporation founder Zamora was named the new chairman of the PT&T board of directors. The listed telecommunications firm also disclosed to the local bourse that MRC Allied Incorporated chief Bitanga is the new president and chief executive officer of PT&T, while his son Miguel Bitanga serves as the company's chief operating officer and treasurer.
Zamora, Bitanga, and his son Miguel on Friday, August 18, were named the new directors of PT&T.
This was after the PT&T board approved the resignations of directors Jose Luis Santiago, Lucie Bantolino, and Maureen Santiago.
Last July 21, 2016, Republic Act (RA) 10894 was approved, extending PT&T’s franchise for another 25 years.
PT&T was incorporated in November 1962 as a diversified telecommunications company. The telecommunications company caters to corporate, small/medium business, as well as residential segments across the Philippines.
It was granted a 25-year national legislative franchise under RA No. 4161 for telecommunications activities.
RA No. 5048 in 1967 granted PT&T equal privileges against any competing franchise.
It was in January 1990 when PT&T was listed for trading of its common shares. On December 13, 2004, the company requested voluntary suspension of trading.
Miguel Bitanga is a co-owner of Dolphin Fire Group, an investment house owned by Menlo Capital Corporation. Dolphin Fire has a stake in Rappler. MRC Allied director Bernard Rabanzo is one of the largest shareholders in Dolphin Fire. – Rappler.com