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.