GMA Network To Buy Back Foreign PDRs ‘Effective Immediately’

GMA Network will buy back Foreign PDRs “effective immediately” after selling it to non-Filipino investors.

GMA Network Inc. will buy back its Foreign Philippine Deposit Receipts (PDRs) “effective immediately” after selling it to non-Filipino investors.

This, as GMA Network Inc. issued a Disclosure Form 4-30 to the Securities and Exchange Commission (SEC) Tuesday which obtained by Kapamilya Online World.

GMA Network To Buy

As stated in the description of its Disclosure form, the Board of Directors approved during its Special meeting via Teleconference that the Corporation will buy and acquire foreign PDRs “effective immediately” at a closing price or lower of the PDRs at PHP 4.55.

The reason for buying back their foreign PDRs was that its PDRs might be affected by the Technical Working Group’s findings and recommendations as adopted by the House of Representatives Committee on Legislative Franchises on the application for ABS-CBN Corporation’s new franchise.

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Moreover, it stated in its Disclosure form that the Corporation will convert those PDRs into common shares after buying back and acquiring foreign PDRs in accordance with the foregoing resolution.

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