Prime Media raises OK’s share capital to P7B

PRIME Media Holdings, Inc. announced on Monday that its board of directors had approved an increase in its authorized share capital to 7 billion pesos.

In a regulatory filing, Prime Media said its board recently approved an amendment to the company’s articles of association to increase its authorized share capital from 2 billion pesos to 5 billion pesos, covering two billion ordinary shares. supplements with a nominal value of 1 peso each.

Prime Media said the proposed changes are being made to eliminate its tiny foreign holdings in accordance with Section 7 of the amended Articles of Association which limits 100% Filipino ownership.

In the second quarter, Prime Media widened its attributable net loss to 1.42 million pesos from 586,649 pesos in the same period last year. Since the beginning of the year, the company has managed to reduce its net loss to 2.48 million pesos against 1.21 million pesos during the corresponding period last year.

Prime Media also announced the termination of the Memorandum of Understanding (MoU) for potential business ventures with New Era Empire Realty Corp.

In March 2021, Prime Media entered into the MoU with New Era Empire to “revitalize” its business by engaging in business across different industries.

Shares of Prime Media fell 4.47% or eight centavos on Monday to close at P1.71 apiece. — Ashley Erika O. Jose

Sallie R. Loera