MANILA, Philippines - Majority shareholders of GMA Network Inc. expect to formalize the entry of businessman Ramon S. Ang into the listed broadcast company with the signing of a share purchase agreement within the month or early next month.
GMA chairman Felipe Gozon, said the three families – Gozon, Duavit, and Jimenez – have finalized the essential and important items in the acquisition of a minority stake in GMA.
“We have agreed on most of the essential and important items and so I think that it is just a matter of house cleaning on some of the details. I am referring to the share purchase agreement and other transaction documents that will be signed in order to effectuate the so-called minority participating interest that we are selling to RSA,” Gozon said.
He pointed out that the company’s majority shareholders and the Ang Group is expected to sign the share purchase agreement within the month or early next month.
“Hopefully within this month in the early part of next month the signing will take place. Of course, the price is the most important thing and what will happen afterwards. We have agreed on the price,” he added.
He said the Ang Group is not acquiring 30 percent but a minority stake in GMA.
“I am confirming it is not 30 percent,” he clarified.
He refused to give more details including the acquisition price as well as the terms of payment.
However, he said the shares to be acquired by the Ang Group are existing shares of GMA owned by the three families.
“These are existing shares, there will be no increase in capital stock,” he said.
Ang, who is president and chief operating officer of diversified conglomerate
San Miguel Corp. (SMC) and national flag carrier Philippine Airlines Inc. (PAL), confirmed last month that he is acquiring a 30 percent stake in GMA.
This is Ang’s venture into the broadcast media business having partnered with businessman Wilson Tieng of Solar Entertainment Inc