To dispel the issue regarding foreign ownership. GMA Holdings Inc., a shareholder of GMA Network, is buying back its Philippine Depository Receipts.
The firm said its Board of Directors has resolved to do this “as a measure of protection of the investments held by non-Filipinos in the Philippine Deposit Receipts (PDRs) issued by GMA Holdings Inc. pursuant to the registration of such securities with the Securities and Exchange Commission, and listing at the Philippine Stock Exchange.”
GMA Holdings said its PDR holders “might be affected by the findings and recommendations of the Technical Working Group as adopted by the House of Representatives Committee on Legislative Franchises on the application for a new franchise of ABS-CBN Corporation.”
It said it will buy back the PDRs at the closing price or lower of the PDRs at Tuesday’s (August 11) market i.e. P4.55, effective immediately and up to October 31, 2020. After the purchase and acquisition of the PDRs, these will be converted into common shares.