Shares of Lopez-owned companies soared Thursday, boosted by renewed optimism that ABS-CBN Corp. could after all get its franchise renewed after President Duterte stepped back from his previous stern stance.
ABS-CBN surged by as much as 20.4% to P21.80 after Duterte’s special aide Sen. Bong Go urged Congress urged to start its hearing on the 25-year franchise renewal of the media conglomerate. ABS-CBN’s franchise is set to expire end March.
Pag lalo nating pinatatagal, mas lolong umiinit ang issue. Ito naman ang proseso, pagusapan niyo, ipapadala dito sa Senado,” Go told reporters.
Market punters welcomed the news. ABS-CBN is now trading at P21 each share, up 16.85% from Wednesday’s close.
Shares in ABS-CBN Holdings Corp., the holding company of the media giant, rose by as much 9.3% to P17.38. It holds Philippine depositary receipts, which entitle the holders to receive dividends on the underlying ABS–CBN shares.
Holding firm Lopez Inc. saw its shares jump to as much as P4.10 from its previous close of P3.75.
Shares of Rockwell Corp., the property arm of the Lopez family, likewise went up by as much as 7.8% to P2.05 per share.