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TO PROTECT INVESTMENTS GMA NETWORK BUYS BACK PDRS HELD BY FOREIGN NATIONALS

7 months ago | Local Business News | 0 comments

By Xai Reyes

GMA Network Inc said Tuesday it would “purchase and acquire” Philippine Deposit Receipts held by non-Filipinos to protect investments after lawmakers adopted a working group’s recommendation denying the franchise of rival ABS-CBN’s franchise in July.

During a special meeting of the Board of Directors, it was approved that GMA Network would purchase PDRs held by non-Filipinos at the closing price or lower effective immediately, and up to Oct. 31, 2020, the network said in a disclosure to the stock exchange.

No details were given on how foreign nationals hold many of the said PDRs.

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