By Doris Dumlao
Philippine Daily Inquirer
THE SHARE price of Prime Media Holdings Inc. soared on news that the listed firm would be used by the group of Manuel V. Pangilinan as the backdoor listing vehicle for ABC Development Corp., the owner and operator of ABC Channel 5 (TV-5).
Prime Media’s stock price increased by 123 percent in just two days, or since MediaQuest Holdings Inc., a subsidiary of the telecommunication giant’s retirement fund PLDT Beneficial Trust Fund, announced a deal to acquire a 75-percent stake in TV-5.
On Friday, Prime Media closed at P1.76 per share, up by 49.15 percent from Thursday’s close.
Prime Media has a market capitalization of about P456.35 million based on Friday’s closing.
Dealers said Prime Media, which is 82-percent owned by the Pangilinan-led Metro Pacific group, rose on speculation that TV-5 would be folded into this dormant company.
Prime Media was originally incorporated as Private Development Corp. of the Philippines. It became PDCP Development Bank Inc. when the Metro Pacific group had banking interests in the Philippines. Later, it was known as First e-Bank Corp., which was sold to tycoon Henry Sy’s Banco de Oro Unibank in 2002.
The company acquired its current name in 2003, which it was turned into a holding company for media investments after the banking business was sold to Banco de Oro. Read More...
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