Zamora, Bitanga take over PT&T
MANILA, Philippines (UPDATED) – 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 co-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 were named the new directors of PT&T last August 18.
This was after the PT&T board approved the resignations of directors Jose Luis Santiago, Lucie Bantolino, and Maureen Santiago.
On July 21, 2016, Republic Act (RA) No. 10894 was approved, extending PT&T's franchise for another 25 years.
PT&T was incorporated in November 1962 as a diversified telecommunications company. It caters to corporate, small/medium businesses, 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.
Aside from being a co-founder of Nickel Asia, Zamora serves as chief executive officer and president of Universal LRT Corporation (BVI) Limited. He also serves as the chief executive officer and chairman of Montreal Entertainment (Philippines) Incorporated.
Benjie Bitanga, on the other hand, is the chairman, president, and chief executive officer of listed MRC Allied, a property development firm in the Philippines which recently ventured into mining. He founded MacroAsia Corporation, which holds an airline catering license from the Manila International Airport Authority. Bitanga in 1995 sold the company to the group of Lucio Tan, who also owns Philippine Airlines Incorporated.
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