Broadcast giant GMA Network Inc. is raising its new subsidiary GMA Ventures Inc.’s (GVI) capital stock as it plans to expand and diversify its business beyond media and broadcasting in a bid to transform GMA Group into one of the country’s big conglomerates.
At a special stockholders meeting via Zoom on Thursday, the stockholders of GMA Network, voting 96.04%, ratified the company’s board of directors’ approval on October 28, 2021 of GVI’s call for subscription for its increase in authorized capital stock from P50 million to P1 billion.
The stockholders of GMA Network also ratified the company’s board of directors’ approval of the company’s proposed subscription amounting to an initial P250 million into GVI, as well as the payment of P100 million for the said subscription.
The company’s executive committee has also been granted the authority to make additional payment for the subscription and if necessary to increase the subscription of GMA Network to the authorized capital stock of GVI.
“The management and major stockholders of GMA Network believe that it will be beneficial to GMA’s minority stockholders as it is likewise beneficial to major GMA stockholders that the subscription by GMA to the increase in capital stock of GVI be made,” GMA Network and GVI Chairman and CEO Felipe L. Gozon said.
GVI is GMA Network’s 100% owned holding company to streamline GMA Group’s investment and diversification efforts.
The new venture arm is formed to lead the broadcast company in identifying, investing in, and/or building strong and sustainable businesses.
“Our diversification efforts to invest in businesses that are not related to our core business of broadcasting will be carried out by GVI,” Gozon said.
The GMA Network chairman added that offers for prospective acquisitions and ventures are being evaluated.
“I can tell you we have already made small investments in one or two so-called startup companies. At this point, we prefer not to identify them,” Gozon said.
GVI will focus on sunrise industries such as tech start-ups with substantial growth horizons and industries that continue to expand.
Aiming to be at the forefront of technology advancement and the growth of the digital economy, GVI will likewise engage in mergers and acquisitions, strategic partnerships, and fund investments within or outside the Philippines.
GMA’s core business is involved in broadcasting primarily in television and radio broadcasting, along with the production of programs for domestic and international audiences and other related businesses.
Other subsidiaries of GMA Network include GMA New Media Inc., Citynet Network Marketing and Productions Inc., GMA Network Films Inc., GMA Worldwide (Philippines) Inc., RGMA Marketing and Productions Inc., Scenarios Inc., Script2010 Inc., Alta Productions Group Inc., GMA Marketing & Productions Inc., and Digify Inc.
GMA News Online is the official online news platform of the network. —KBK, GMA News
GMA Network to boost new venture arm’s capital base to P1B
Source: News Panda Philippines
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