Listing of GMA Network to push through today

The listing of GMA Network Inc.’s shares on the bourse will push through today unless an order has been issued by a local court or the Securities and Exchange Commission (SEC), the Philippine Stock Exchange said.

“Unless the SEC suspends GMA’s registration and licensing order as well as permit to offer securities for sale or a temporary restraining order is issued by a competent court and properly served on the exchange, the listing of the shares and Philippine Depositary Receipts of GMA shall proceed as scheduled on July 30, 2007,” the PSE said in a statement.

Former Congresswoman Imee Marcos filed a letter-complaint at the the Securities and Exchange Commission (SEC) claiming that the shares of the Duavit family are owned by his father, the late President Marcos, which he bought from Republic Broadcasting through Gilberto M. Duavit in 1973. The shares amount to 28.35 percent of the share capital of GMA-7.

GMA counsel Gener E. Asuncion, however, said the Duavits are the real and actual owners of the shares and have concrete proof of their ownership.

Asuncion said the SEC had already approved the registration statement of GMA and issued the corresponding certificate of permit to offer “securities for sale” last July 16, 2007.

She said the network’s listing application had also been approved by the PSE on June 28, 2007.