Business

Tunay na Kapuso! Ex-CJ Panganiban jacks up personal stake in GMA Network

Former Chief Justice Artemio Panganiban has tripled his stake in the country’s largest television network.

The GMA Network director acquired 200,000 shares of the company at between P4.95 and P5.10 each from October 14 to 15.

Panganiban, who joined the GMA board in 2007 or a year after he retired from the Supreme Court, also converted 200,000 GMA Philippine Depository Receipts (PDRs).

These transactions increased his holdings to 601,000 common shares from 201,000.

GMA – controlled by bilyonaryos Felipe Gozon, Gilberto Duavit, and Menardo Jimenez – is currently buying back PDRs owned by foreigners at P4.55 (or nearly half of its P8.50 offer price in 2007) to avoid the same fate of its rival, ABS-CBN, which failed to renew its franchise in Congress.

The legislative franchise committee found ABS-CBN in violation of the constitutional ban on foreign ownership in the media when it sold PDRs to foreigners.

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