MANILA – GMA Network’s major stockholders have agreed to sell to Ramon S. Ang a participating minority equity interest in the Company’s outstanding capital stock, the network said in a statement. As of posting time, the network’s shares were up 4.45 percent compared with a 0.3 percent rise in the broader market.
Ang, who is San Miguel President and Chief Operating Officer, told GMA News Online it was a “done deal.”
GMA Chairman and CEO Felipe L. Gozon said, “What we can confirm right now is that the Jimenez, Gozon and Duavit groups of stockholders have decided to sell a minority stake to Ramon Ang. Details of the transaction will be disclosed once we have finalized everything.”
According to GMA, the concerned parties are presently negotiating the final terms and conditions of the share purchase documents. “An appropriate disclosure shall be made upon execution of the relevant definitive agreements by the parties for the transaction,” they said.
