In a memo to brokers, PSE’s Disclosure Department head Trisha Zamesa said First E-Bank has already submitted 200 copies of its quarterly report for the period January to March 2003 and paid the necessary fines.
First E-Bank will be converted into a media holding company to be called Prime Media Holdings Inc.following the assignment of its banking business to Banco de Oro, the banking unit of the SM Group.
Prime Media will own strategic interests in the broadcasting and advertising sectors, initially through Nation Broadcasting Corp. (NBC), currently majority-owned by PLDT’s MediaQuest Inc.
The company’s management is also engaged in discussions for the acquisition of an ownership stake in Image One, the outdoor advertising company majority owned by the Jimenez family. The transfer of these assets into Prime Media would be effected against the issuance of new shares to Media-Quest and the Jimenez family.
The transition of the Metro Pacific-owned First E-Bank to Prime Media and the acquisition of its initial media assets are expected to be completed by the third quarter of 2003 pending board, shareholder and regulatory approvals.
Over the past two years, First E-Bank has been building its strength in information technology to distinguish itself as the country’s first integrated online banking network.