ABS-CBN shares fall as it fights for fresh franchise ABSCBNfranchise
MANILA -- Shares of ABS-CBN Corp fell at the resumption of trading on Monday, as it moved to secure a fresh franchise and resume broadcast operations.
Its shares dropped 9.6 percent at the start of trading to P15.82. It can drop to as low as P12.25 or 30 percent from its previous close. The House of Representatives last week passed on second reading a bill that will grant ABS-CBN temporary 6-month franchise while it deliberates on several measures seeking a new 25-year license. However, the chamber was scheduled Monday to recall the second reading approval to give way to amendments.
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