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>GMA Network postpones IPO indefinitely >Posted: 3:32 PM | Mar. 08, 2005 > > >Get INQ7 business breaking news on your Smart mobile >phone in the Philippines. Send EXTRA BUSINESS to 386. > >(UPDATE) GMA Network Inc. said it has postponed >indefinitely its initial public offering (IPO), >previously scheduled for the second quarter of this >year, until certain issues between the majority and >minority shareholders are satisfactorily resolved. > >"The network will try to work out a solution that will >be in the best interest of the company," the >broadcasting company said in a statement, without >elaborating. > >GMA earlier appointed Deutsche Bank and ATR-Kim Eng >Securities as joint lead underwriters for the IPO >involving as much as 30 percent of its shares, from >which it expects to generate about 9 billion pesos. > >"The majority owners of the network wanted to give the >public the chance to become shareholders of a company >which engages in public service, through the IPO, >without losing management control of the company," GMA >Network said. > >GMA said it has implemented its planned expansion >projects ahead of the IPO, including the launching of >its international channel in the US and other >territories, the upgrading of its transmitter and >other facilities in key cities in the provinces, and >the preparations in line with its co-production and >blocktime agreement with Channel 11. > >The company said it has also completed its 180.2 >million-peso broadcast automation systems project in >January, which will service both local and >international broadcast requirements of GMA Network. > >GMA said it would also build two studios within its >compound that would house more programs including >variety shows. > >GMA Network is a parent company of INQ7.net. > >(1 usd = 54.7 pesos) > >>>=================================== >>> >>> >>> >>>Interesting.. >>> >>>;)

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