Broadcasting giant GMA Network Inc. (GMA) has agreed to sell a portion of the company to Ramon Ang, president of conglomerate San Miguel Corp (SMC).
“The company has been informed by its major shareholders that they have agreed to sell to Mr. Ramon S. Ang a participating minority equity interest in the company’s outstanding capital stock, subject to the final terms and conditions of the share purchase documents, which the parties are presently negotiating," GMA said in a disclosure to the Philippine Stock Exchange Tuesday.
A January report from the Philippine Star suggests that Ang offered to acquire at least 30% of GMA for P10.80 per share.
Details about the deal are tight under wraps but a separate disclosure that will outline “relevant definite agreement by the parties for the transaction” will be made public once finalized. The deal will only involve Ang, leaving SMC out from the transaction.
The deal comes on the heels of numerous failed attempts of Manuel Pangilinan, chairman of Philippine Long Distance Telephone Co. (PLDT), which concluded last February over regulatory issues.