MANILA, Philippines - GMA Network Inc. said ongoing talks between the majority shareholders of the broadcast firm and businessman Ramon S. Ang are progressing smoothly.
Felipe Gozon, chairman and chief executive officer of GMA, said in an interview following the company’s annual stockholders’ meeting yesterday, that talks with Ang is still ongoing.
“Yes, progressing smoothly,†Gozon replied when pressed for an update on the ongoing talks.
Ang, who is president and chief operating officer of diversified conglomerate San Miguel Corp. (SMC), earlier told The STAR that talks with the shareholders of GMA would likely be concluded within 30 days.
“That’s what he said and he is the other party to this transaction. I am not even at liberty to disclose that,†Gozon told reporters.
Ang is making the investment in GMA in his personal capacity and is reportedly looking at an initial 30-percent stake. The businessman also bought into Solar Network of Wilson Tieng.
Gozon pointed out that Ang would bring his vast business experience to GMA, having led the diversification of SMC into other segments such as energy, power, oil, infrastructure such as tollroads and airports, among others.
Ang will bring a lot of ideas. He is better than me,†Gozon quipped.
Last May 5, both Gozon and Ang confirmed talks are ongoing for a possible acquisition of a stake in the listed broadcasting company.
This after negotiations with the group of Manuel V. Pangilinan’s bogged down anew.
Pangilinan said the PLDT Group was not keen on reviving talks with GMA after its offer to buy a minority stake in the company owned by the Gozon, Duavit and Jimenez families expired early last February.
The PLDT Group, through MediaQuest, has expressed interest in acquiring the 79 percent stake covering both preferred and common shares owned by the families of Duavit, Gozon and Jimenez in GMA with a market value of about P48 billion.
This was the second time Pangilinan’s group has tried to acquire the broadcasting company after the deal entered into in early 2000 was aborted by the buyer for unknown reasons.