The Philippine Stock Exchange (PSE) will lift the trading suspension of Prime Media Holdings Inc. (PRIM) on Monday, Aug. 9, 2021 at 9 a.m. after the company submitted the required Comprehensive Corporate Disclosure on Backdoor Listing.
The trading of PRIM shares were suspended by the PSE last July 29 after PRIM’s board approved the signing of a memorandum of agreement (MOA) with the Shareholders of Philippine Collective Media Corporation (PCMC) wherein the latter shall subscribe to 1.679 billion common shares of PRIM to be issued from an increase in authorized capital stock of additional 2.0B pesos which will be paid in the form of PCMC shares based on third-party appraisal, subject to confirmation by a third-party fairness opinion and other closing conditions.
The transaction will result in PRIM’s acquisition of the business, assets and ownership of PCMC. On the other hand, the PCMC Shareholders will gain control and majority ownership of approximately 70 percent of outstanding capital stock of the Company. The said MOA was signed on July 30.
PCMC operates PRTV in Tacloban and several radio stations under the brand, FMR (Favorite Music Radio).
FMR Tacloban 100.7 is the newest news and entertainment station owned and operated by the Philippine CollectiveMedia Corporation, a national broadcasting company granted by the Philippine Government with a national franchise under RA 11508.
Prime Media Holdings Inc. is trading under the PSE ticker symbol “PRIM”. The holding company said the planned deal will transform the company into a viable and operational business entity and address its capital deficiency, negative equity and non-operation.
As an update, PRIM also expressed the intention to venture into gaming and real estate development to expand and diversify its business.