GMA-7 shares open at P8.70, rise to P10.25 in debut

GMA Network Inc. common shares opened at P8.70 per share, in succeeding minutes of trade hit a high of P10.25 a share, on Monday, its first day of trading at the Philippine Stock Exchange. The company's Philippine Depositary Receipts opened at P9.50 each. Officers of GMA Network led the ringing of the bell on the floor of the Philippine Stock Exchange in Makati City at exactly 9:30 am. GMA Network's common shares are listed under the symbol "GMA7," while preferred shares or deposit receipts, under "GMAP." "I'm very happy with how it's developing. I can only attribute the success to the company itself," said Felipe L. Gozon, GMA Network chairman and president. GMA raised P7.76 billion from its maiden offering, where it sold 91.346 million common shares and 822.115 million depositary receipts. Of this, P1.55 billion were primary proceeds to the company. Gozon also said the GMA Network's net income for the second quarter of 2007 is "higher than the first quarter's P441 million." Only last Friday, Former Ilocos Norte representative Imee R. Marcos claimed ownership of 28.35 percent of GMA Network Inc., equivalent to shares that the late strongman Ferdinand Marcos supposedly acquired but entrusted to Gilberto Duavit Sr., father of GMA-7 chief operating officer Gilberto Duavit Jr., in 1983 or 24 years ago. In a six-page letter of request submitted to the Securities and Exchange Commission, Imee Marcos sought but failed to secure the suspension of the GMA-7's initial public offering (IPO) slated on Monday. On Monday at the trading floor, Duavit was quoted as saying: " The claim of the Marcoses is baseless. Beyond that I would prefer any inquiries to be directed to our counsel." Gozon, for his part, said: "This claim is against one of our shareholders. This has absolutely no impact on the financials and operations of the company." GMANews.TV is the official website of GMA News & Public Affairs, a unit of GMA Network. - GMANews.TV