ABS-CBN President and CEO Carlo Katigbak says the company is willing to comply with any new government order concerning Philippine Depositary Receipts or PDRs.
Amatong said before Calida's petition and the House hearings, no complaints were raised with the SEC about the PDRs, so the regulatory body did not look into possible constitutional violations. Insofar as SEC regulations are concerned, ABS-CBN did not violate any, he said.
PDRs can be converted into shares of stock, but Amatong said the Philippine Stock Exchange will never allow foreign nationals to do so. "As far as we know, there has been no instance where the nationality restrictions for any of our companies that are engaged in fully nationalized or partially nationalized companies have been breached and this is due to the mechanism put in place in the PSE," he added.Should the Supreme Court later decide against the issuance of PDRs, it will surely provide guidelines"on how to deal with situations where the interpretations of law have changed," Amatong said.
"Our sentiment is that we acted in good faith by going to the SEC to secure approval before offering it to the public and at the time the SEC agreed that the instrument was legal," Katigbak said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ABS-CBN to comply if PDRs disallowed ‘equally across media industry’Media giant ABS-CBN is ready to do away with their Philippine Depositary Receipts (PDRs), if the court, Congress or the Securities and Exchange Commission would order its disqualification “equally across (the) media industry.” | NAMercadoINQ
Read more »
ABS-CBN to House: PDR holders 'passive investors,' not shareholders
Read more »
'Hindi kami makatulog': ABS-CBN workers union pleads with House to expedite franchise hearings
Read more »
ABS-CBN to House: PDR holders 'passive investors,' not shareholders
Read more »
ABS-CBN to comply if PDRs disallowed ‘equally across media industry’Media giant ABS-CBN is ready to do away with their Philippine Depositary Receipts (PDRs), if the court, Congress or the Securities and Exchange Commission would order its disqualification “equally across (the) media industry.” | NAMercadoINQ
Read more »
'Hindi kami makatulog': ABS-CBN workers union pleads with House to expedite franchise hearings
Read more »