Bilyonaryo Martin Romualdez has set in motion a plan to convert dormant Prime Media Holdings into a full-fledged media outfit.
In a stock exchange filing, Prime Media said its parent company RYM Business Management Corp. and the majority shareholders of Golden Peregrine Holdings Inc. have proceeded with the execution of an amended memorandum of agreement (MOA).
The amended MOA, which was approved by the company’s board of directors in July 2021 and by its shareholders in September last year, will lead to the acquisition of Golden Peregrine as a direct subsidiary, and Philippine Collective Media Corp.(PCMC) as an indirect subsidiary.
PCMC holds a radio and television broadcasting franchise and is engaged in the active business for mass media.
Prime Media will acquire full ownership and control over PCMC through Golden Peregrine.
As part of the agreement, Golden Peregrine shareholders will also gain control and majority ownership of around 70 percent of the outstanding capital stock of Prime Media.
“The said transaction aims to usher the long-awaited transformation of the company into a viable and operational business entity and address its capital deficiency, negative equity, and non-operation,” Prime Media said.