GMA Network's Gozon: Share sale deal with Ramon Ang to be signed in a month

(Updated 4:58 p.m.) The deal between major shareholders of GMA Network Inc. and businessman Ramon Ang will be signed within a month after the two parties have been able to iron out the price for a minority stake in the broadcast company.

 

The two parties have agreed on the details of the pricing of the minority stake, GMA Chairman and CEO Felipe L. Gozon said during the company's first half briefing in Quezon City.

 

"I think that it is a matter of house cleaning on some of the details [of] the share purchase agreement and the other transaction documents," he said.

 

"Hopefully, if not within this month, in the early part next month the signing will take place," he added.

Ang will have "a Board seat," Gozon said in a separate disclosure to the Philippine Stock Exchange Thursday.
 

Ang is the president and COO of diversified conglomerate San Miguel Corp. and the president of flag carrier Philippine Airlines.

 

While the two groups have settled the important aspects of the deal, Gozon declined to reveal the tag price and the percentage of the minority interest to be sold to Ang.

 

"That is part of the confidential stipulation that we have signed," he said.

 

The sale of a minority stake will come from existing shares so there will be no increase in capital stock for GMA Network, Gozon noted.

 

"All three major shareholders are going to sell," he said.

 

The Gozon, Duavit and Jimenez families are the major shareholders of GMA Network.

 

Last June, the major shareholders have agreed to sell a minority stake to Ang, who said it was a "done deal."

No management change

Ang reportedly offered to buy at least 30 percent of GMA from majority shareholders at a premium or P10.80 a share.

 

There will be no changes in management once Ang comes in as a minority stakeholder, Gozon said.

 

"The policy manual and everything here in GMA will continue. The officers will continue. There will be a very slight change in the composition of the board," he said.

 

"I don’t think he will be the one who will manage GMA so if we are going to continue, it will be in good hands," he said.

 

But the broadcast firm is set to improve further upon the entry of Ang, the chairman said.

 

"I think the network will improve... There will be more revenues... There will be more shows, and the digitization will be faster," he said.

 

"The parties will not sign unless they are happy... So let us wait if they sign then they are going to be happy," he added. – VS, GMA News

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