Poe recommended the approval of House Bill Number 4637, taking into consideration Senate Bill Number 1302.

Size: px

Start display at page:

Download "Poe recommended the approval of House Bill Number 4637, taking into consideration Senate Bill Number 1302."

Aldous Jordan
5 years ago
Views:

1 PLOT March 6, 2017 Philippine Stock Exchange 3/F Philippine Stock Exchange Plaza Ayala Triangle, Ayala Avenue Makati City Attention: Mr. Jose Valeriano 8. Zuna III OIC - Head. Disclosure Department Gentlemen: We refer to your letter dated March 3, 2017 requesting for clarification and/or confirmation of the news article entitled "Senate to Smart: Conduct IPO and we'll extend franchise" posted in Rappler on March 2, The article reported in part that: "MANILA, Philippines - Senate wants Smart Communications Incorporated to conduct an initial public offering (IPO) within two years before it grants the telecommunications giant's 25-year franchise extension, which will also give the Manuel V. Pangifinan-Ied telco some tax breaks. Senator Grace Poe, chairperson of the Senate public services committee, on Wednesday, March 1, endorsed to the plenary a measure extending the legislative franchise of Smart for another 25 years, even as she sought for further improvements in the quality of service to millions of subscribers. Poe recommended the approval of House Bill Number 4637, taking into consideration Senate Bill Number She said a committee report signed by 15 senators introduced amendments to Republic Act 7294, which originally granted Smart a 25-year legislative franchise in 1992, Among the key provisions of the Senate-endorsed measure is the prerequisite for Smart to make a public offering. restoring the original wording in its original franchise mandating that 30% of its authorized capital stock must be listed through the stock exchange. The House had deleted this original wording. To recall, the approved House version in January 2016 effectively exempted Smart, the wholly-owned subsidiary of listed PLDT Incorporated, from the IPO requirement by adding, "Unless the grantee is wholly owned by a publicly listed company. ~ Poe said the Senate deleted this phrase to comply with the original mandate under RA Smart legal counsel Ray Espinosa had earlier said the listing requirement has already been fulfilled. 'Fulfilled na siya eh (It's already fulfilled). I'm not trying to make an excuse, it's public ownership of the company, but PLOT Incorporated is already publicly-owned. We're looking at dividends and profits straight up,' Espinosa said in a previous Senate hearing. Congress has only two weeks or until March 15 to extend the mobile telecommunications giant's legisfative franchise, which will expire later this month. " In connection with Smart's franchise renewal, we confirm that the version of the measure endorsed by the Senate Public Services Committee to the Senate plenary re-introduced the requirement that Smart undertake a public offering of 30% of its authorized capital stock. PLOT Genera! Office P,O. 80x 2148 Makati City, Philippines PLD f

2 Our position regarding this listing obligation contained in the original Smart franchise has been consistent, i. e.. that the listing obligation has been complied with when PLOT Inc., a listed company with a public float of over 50%, acquired 100% of Smart Communications in March As such, Smart is effectively owned by PLOT shareholders. As to the matter of transparency and disclosure resulting from a public listing, it will be noted that with Smart being the largest business within the PLOT group, its operating and financial highlights are extensively discussed and disclosed in PLOT's filings with the Philippine Stock Exchange. In addition, the trading of PLOT's American Depositary Shares (ADS) in the New York Stock Exchange also requires extensive disclosure as compliance with the Sarbanes-Oxley Act. Respectfully yours, ~I MA. LOURDESC. RJ\US~AN Corporate Secretary Y

3 PLOT March 6, 2017 SECURITIES & EXCHANGE COMMISSION Secretariat Building, Pice Complex Roxas Boulevard, Pasay City Attention: Mr. Vicente Graciano P. Felizmenio, Jr. Director - Markets and Securities Regulation Dept. Gentlemen: In compliancewith Section 17.1 (b) of the Securities Regulation Code and SRC Rule (a), we submit herewith two (2) copies of our lelter dated March 6, 2017 to the Philippine Stock Exchange, Inc. in response to their letter dated March 3, 2017 requesting for clarification and/or confirmation of the news article USenate to Smart: Conduct IPO and we'll extend franchise" posted in Rappler on March 2, Respectfully yours, ~I MA. LOURDES C. RAI.I~HAN Corporate Secretary.,? PLOT General Office p.o. Box 2148 Makatl City, Philippines PlO 1

4 COVER SHEET SEC Registratioo Number Company Name IF DISTANCE TEL E P H 0 N E COMPANY) Principal Office (No.lStreetlBarangay/CityfTownfProvince) R A M 0 N C 0 J U A N G C 0 B U I L D I N G I I I I I I M A K A T I A V E N U E I I I I I I M A K A T I C I T Y I I I I I I Form Type ffeij Department requiring llle report ~ Secondary Liceose Type, If Applicable COMPANY INFORMATION Company's Address Company's Telephone Numberls Mobile Number 1I I~ _ No, of Stockholders 11,774 As of Janua Annual Meeting MontMJay Every 2 nd Tuesday of June Fiscal Year MonthlDay December 31 CONTACT PERSON INFORMATION The designated contact pefson MUSTbe an Officerof the Corporation Name of Contact Person Address Telephone Numberls Mobile Number Ma. Lourdes C. Rausa-Chan I I Irchan@pldt.com.ph I 1~_8_1_68_5_5_3_I 1 _ COI1ladPelrolfs Address MGO Building, Legaspi Sf. corner Dela Rosa St., Makati City Note: In case of dealh, resignation or cessation 01office olthe officer designated as contact person, such incidenl shall be reported to the Commission wl1t1in thirty (30) calendar days from the occurrence thereof with inlormation al1d complete contael details of the new conlacl persoo designated.

5 SECURITIESAND EXCHANGE COMMISSION CURRENT REPORT UNDER SECTION 17 OFTHE SECURITIES REGULATIONCODE AND SRC RULE March 6, 2017 Date of Report (Date of earliest event reported) 2. SEC Identification Number PW BIR Tax Identification No PlDT Inc. Exact name of issuer as specified in its charter 5. PHiliPPINES Province, country or other jurisdiction of Incorporation 6. (SEC Use Only) Industry Classification Code 7. Ramon Cojuangco Building, Makati Avenue, Makati City Address of principal office 1200 Postal Code 8. (632) Issuer's telephone number, including area code 9. Not Applicable Former name or fanner address, if changed since last report 10. Securities registered pursuant to Sections 8 and 12 of the Securities Regulation Code and Sections 4 and 8 of the Revised Securities Act Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

6 11. Item 9 (Other Events) Attached hereto is a copy of our letter to the Philippine Stock Exchange, Inc. in response to their tetter dated March 3, 2017 requesting for clarification and/or confirmation of the news article entitled "Senate to Smart: Conduct IPO and we'll extend franchise" posted in Rappler on March 2,2017. Pursuant to the requirements of the Securities Regulations Code, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. PLOT INC, By: Mi:t1ruRriES Corporate Secretary Y c. RAUSJ«CHAN March

~PLDT. tr4~f. March 14, 2017

~PLDT. tr4~f. March 14, 2017 ~PLDT March 14, 2017 Philippine Dealing and Exchange Corp. 37/F Tower 1, The Enterprise Center 6766 Ayala Avenue corner Pasee de Roxas Makati City Attention: Ms. Vina Vanessa S. Salonga Head - Issuer Compliance