October 30, 2021 | 12:00am
MANILA, Philippines — GMA Network Inc.’s new subsidiary GMA Ventures Inc. (GVI) plans to raise its capital stock as the company prepares to transform the GMA group into one of the country’s big conglomerates by expanding investments and developing more businesses.
GMA, in a stock exchange filing said GVI, intends to raise its authorized capital stock from P50 million to P1 billion.
GMA’s board of directors has approved a proposed subscription by the company amounting to P250 million initially, as well as the payment of P100 million for the said subscription.
The company’s executive committee has also been granted to make additional payment for the subscription and, if necessary, to increase the subscription of GMA to the authorized capital stock of GVI.
GVI is a holding company that is 100 percent owned by GMA.
It was formed to lead the broadcast giant in identifying, investing in, and/or building strong and sustainable businesses.
The company will likewise focus on sunrise industries such as tech start-ups with substantial growth horizons and industries that continue to expand, as well as engage in mergers and acquisitions, strategic partnerships, and fund investments, within or outside the country.
GMA earlier said it targets to become one of the country’s top conglomerates as it puts into motion a diversification plan through GVI.
The publicly- listed broadcast giant, which operates leading television and radio networks, seeks to expand the network’s investments and develop more businesses that provide long term growth.
GMA said it reached 97 percent of total TV households in the country with an estimated 82 million viewers nationwide based on January to September data from Nielsen Philippines.
Its radio stations also continue to serve audiences in Mega Manila, Cebu, Davao, Bacolod, Baguio, Cagayan De Oro, Dagupan, General Santos, Iloilo, Kalibo, Legazpi, Lucena, Naga, Palawan, Tugu.
