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Manila Bulletin devider Business devider The Stock Market devider Romualdez broadcast firm plans P561-million expansion

Romualdez broadcast firm plans P561-million expansion

Published Oct 22, 2024 02:20 am

Speaker Martin Romualdez’s Prime Media Holdings Inc. is issuing new shares worth P561 million mainly to fund the expansion of Philippine CollectiveMedia Corporation (PCMC) which holds the group’s broadcasting franchise.

In a disclosure to the Philippine Stock Exchange (PSE), Prime Media said its board has given the company permission to issue new shares via private placements at P2.95 per share.

Valiant Consolidated Resources Inc. will subscribe to 75 million common shares for a total price of P221.25 million to be issued from the current unissued capital upon full payment.

It will also subscribe to 86.36 million common shares for a total price of P254.75 million to be issued from the increase in Prime Media’s capital stock after a share-for-share swap transaction with the shareholders of Golden Peregrine Holdings Inc. and after receipt of full payment.

Valiant will make an initial payment of P209.75 million. The remaining balance of P45 million shall be paid in full after the completion of the Golden Peregrine transaction, and an increase in capital stock is approved by Securities and Exchange Commission (SEC).

Cymac Holdings Corporation will subscribe to 15 million Prime Media common shares for a total price of P44.25 million to be issued from the current unissued capital upon full payment.

It will initially pay P25 million while the remaining amount of P19.25 million will be paid on or before Dec. 31, 2024.

Cymac will also subscribe to 3.64 million common shares for P10.75 million to be issued from the increase in capital stock after the Golden Peregrine Transaction and after full payment.

It will make a partial payment of P5 million for its subscription. The remaining balance of P5.75 million shall be paid in full after fulfillment the completion of the Golden Peregrine transaction and the approval of the increase in capital stock by the SEC.

The Prime Media Board further approved the listing of the shares to be issued upon receipt of full payment.

It said the price of P2.95 per share was arrived at using the 30-day closing volume-weighted average price as of Oct. 17, 2024 of P2.5272 per share plus 16.73 percent premium.

Meanwhile, the Prime Media Board approved the request of PCMC to borrow P531 million with an initial P461 million payable over a period of five years with zero interest on the first year and seven percent interest per annum for the succeeding years until fully paid.

PCMC shall use the funds to acquire key assets necessary to expand its business operations nationwide. The remaining P70 million shall be drawn at a later time by PCMC as needed for its business operations.

Prime Media said it will benefit from PCMC’s expansion considering it plans to acquire PCMC’s parent Golden Peregrine through a share swap that will give 70 percent control over Prime Media to Golden Peregrine shareholders.

Related Tags

Philippine Collective Media Corporation Prime Media Holdings Inc. Martin Romualdez
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