,” House committee on public accounts chair Mike Defensor insisted during the hearing.
Lopez Holdings Corporation is the parent company of ABS-CBN Corporation and First Philippine Holdings Corporation, which has interests in power, property, and manufacturing. ABS-CBN president and CEO Carlo Katigbak later said during the hearing that the gain a PDR holder hopes to capture is more on the"capital appreciation" of the PDR.If you had subscribed to P5 million worth of PDRs, and the company performed very well, then hypothetically again, that P5 million could be worth P6 million, in which case, you would have taken a 20% capital gain," Katibak said.
“You have rights to participate in the ownership of the mass media company only if the shares have been assigned to you or if the voting rights have been assigned to you.Issuing PDRs is a common practice among Philippine companies, including media outfits like ABS-CBN, GMA Network, and Rappler.
Say a PDR holder of foreign nationality would threaten to unload his billions worth of PDRs if they dont show reruns of palibhasa lalake, and say abs relents, wouldnt that be a degree of management control?
Pure bullshit
Those dividends are representing and equivalent to the ABS-CBN's shares of stocks. Which means it's a shared ownership and management.
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Source: CNN Philippines - 🏆 13. / 63 Read more »