PT&T cedes majority control of SecureLink to Netlinkz

PT&T CORP. has reduced its stake in SecureLink Networks, Inc., allowing its Australian partner Netlinkz Global Services Ltd. to become the majority shareholder.

Under the transaction, PT&T now holds a 49.9% stake, while Netlinkz owns 50.1%, up from 49%, giving it majority control of the joint venture focused on cybersecurity and digital infrastructure, it said in a disclosure on Wednesday.

PT&T disposed of 293,854 shares at P1 each to Netlinkz, with full payment made in cash.

“This realignment facilitates growth initiatives, strengthens technology partnerships, and enhances SecureLink’s positioning in the cybersecurity and digital infrastructure sectors while allowing PT&T to remain a significant minority shareholder,” PT&T said.

SecureLink Networks is a joint venture between PT&T and Netlinkz Global.

PT&T said the move also positions SecureLink to attract future capital and expand its presence both locally and regionally.

Incorporated in 1962, PT&T serves corporate, small and medium business, and residential customers. The company is preparing to return to trading on the Philippine Stock Exchange after a voluntary suspension in December 2004 due to financial and reporting challenges.

Last year, PT&T reported a strong 2023 performance. In November 2023, the Securities and Exchange Commission approved an increase in its authorized capital stock to P12.6 billion from P3.8 billion, enabling a debt-to-equity conversion of P8.9 billion, according to its website. — Ashley Erika O. Jose