Jose Mari Chan on ABS-CBN stocks: ” I don’t want to say that it’s in a coma, it’s probably just hibernating.”
For the first time, OPM icon and hitmaker Jose Mari Chan spoke about the delayed growth of his stocks in ABS-CBN Corporation.
This is due to the closure of the former giant network after Congress canceled the franchise renewal of ABS-CBN on July 10, 2020.
Chan is among the Top 100 stockholders of ABS-CBN Corporation, as of March 31, 2019, based on the website of Lopez Holdings Corporation.
Aside from being a singer, Jose Mari Chan is also the chairman and CEO of Binalbagan Isabela Sugar Company, Inc. (BISCOM) and A. Chan Sugar Corporation, at the same time chairman and president of Signature Music, Inc.
According to the Facebook page MONEY Abundance, the singer-businessman currently holds 1,257,130 shares in ABS-CBN Corporation.
If multiplied by the price of P16.56 per share (in February 2020), the total is P20,818,072.80.
In an interview with PEP.ph and other members of the press, the multi-awarded singer was questioned about his shares of stocks in Kapamilya Network.
The 76-year-old singer, said: “It’s asleep. I don’t want to say that it’s in a coma, it’s probably just hibernating, waiting for the right moment, because ABS-CBN has undergone several crises in the past.”
Chan then recounted the first time the network closed in 1973.
“And the second one was because they did not renew their franchise for whatever reason,” he said.
Chan was referring to Congress’ disapproval of ABS-CBN Corporation’s franchise application on July 10, 2020.
Seventy (70) lawmakers voted “Yes” to permanently reject the franchise application of Kapamilya Network and only eleven (11) voted “No” to give a fresh 25-year franchise to ABS-CBN.
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