MANILA - One of the framers of the 1987 Constitution on Friday said that issuing Philippine Depositary Receipts is not an innovation of ABS-CBN, and that similar instruments are being issued by other
countries to attract foreign investors.
Rep. Michael Defensor said on Thursday that ABS-CBN was engaged in company-layering, and that PDR holders have some control of the corporation. “Because in the case of Rappler, there was a provision or requirement of a good faith discussion with the PDR holder on certain matters, including amendments of the articles of incorporation and the requirements of two-thirds vote of PDR holders. There is no such provision in the PDR issued by ABS-CBN Holdings,” he said.
The SEC, in a Senate hearing in February, said that the PDRs issued by ABS-CBN Holdings were compliant with existing regulations at the time of issuance.
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