Gozon-Duavit-Jimenez Group to pour money into tech startups in quest to turn GMA into a conglomerate
Business

Gozon-Duavit-Jimenez Group to pour money into tech startups in quest to turn GMA into a conglomerate

GMA Network Inc. is looking to invest in disruptive technologies as it seeks to become one of the country’s top conglomerates.

The network led by the Gozon-Duavit-Jimenez Group has formed a holding company, GMA Ventures Inc. to invest in and build strong and sustainable businesses in a bid to generate new revenue streams and tap new markets.

“We now set our sights on making GMA one of the major conglomerates in the Philippines. We are taking this significant step to future-proof the network, champion innovative industries and business models, and be at the forefront of technology advancement and the growth of the digital economy,” said Regie C. Bautista, GVI president and COO.

Bautista said GVI would focus on sunrise industries such as tech start-ups with substantial growth horizons and industries that continue to expand.

It is looking at mergers and acquisitions as well as entering into strategic partnerships within or outside the Philippines.

“We are actively looking for ways to diversify the company’s portfolio by investing in sustainable businesses and, ultimately, providing the best returns to our shareholders in the years to come,” said Felipe L. Gozon, GMA and GVI chairman and CEO.

GMA saw its first quarter earnings surge by more than three-fold to P2.01 billion as revenues jumped by 55 percent to P5.45 billion.

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