LISTED Prime Media Holdings Inc., owned by the family of House Speaker Martin Romualdez, said its board has approved a capital raising initiative to inject P531 million into its majority owned unit, Philippine Collective Media Corp. (PCMC), as part of plans to expand into the broadcast media industry.
LISTED Prime Media Holdings Inc., owned by the family of House Speaker Martin Romualdez, said its board has approved a capital raising initiative to inject P531 million into its majority owned unit, Philippine Collective Media Corp. , as part of plans to expand into the broadcast media industry.In a disclosure, Prime Media said the fundraising would be done through private placements with two companies, Valiant Consolidated Resources Inc. and Cymac Holdings Corp.
'The company will benefit from PCMC's expansion considering firm plans to acquire PCMC's parent, Golden Peregrine Holdings Inc.,' Prime Media said.Shares for the subscriptions will be issued from Prime Media's increased capital stock 'after the share-for-share swap transaction with the shareholders of Golden Peregrine as previously disclosed and after receipt of full payment,' the company added.
Media To Raise P531M For Expansion
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