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GMA 7 revives IPO plan.
(From Philippine Daily Inquirer)
Byline: Clarissa S. Batino
GMA NETWORK Inc. has revived plans to sell 25 to 30 percent of its shares to the public by early next year, with its major shareholders convinced they had found a way to iron out their differences and address their concerns.
The target, according to GMA president Felipe Gozon, is to hold an initial public offering by the first quarter of 2006.
Gozon, however, said GMA stockholders were now looking at proceeds higher than the previous estimate of P9 billion. He said the network's strong performance had most likely increased the company's market value from P30 billion last year.
GMA was supposed to hold an IPO in the first semester this year. However, it called off the plan in March due to differences among its shareholders, such as the families of Gozon, Gilberto Duavit and Menardo Jimenez Sr. The three groups were concerned about possibly losing majority control of the network.
The Gozon and Duavit group wanted to forge a shareholders' agreement requiring owners to hold on to their stake long after the six-month holdout period required by the Securities and Exchange Commission.
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