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BY Darwin G. Amojelar, Reporter
GMA Network Inc. on Wednesday
obtained an approval from the Securities and Exchange Commission to
improve its financial position through an initial public offering.
Documents from the corporate
regulator showed that GMA will issue 91.34 million common shares at
a maximum price of P8.50 per share and 91.346 million primary
underlying common shares at P8.45 a unit.
In addition, the company’s
international offering is 639.42 million for a minimum offer price
of P7 per Philippine Depository Receipt up to a maximum of P8.50 per
PDR.
Deutsche Bank will be the
bookrunner and lead manager for the international offering, while
ATR Kim Eng Capital Partners Inc. will handle the domestic issue.
GMA expects to raise gross
proceeds of between P1.278 billion and P1.552 billion, which will be
used to partially finance its planned capital expenditures for this
year and 2008.
SEC document showed that the
broadcast company’s capex are P938 million for this year and P950
million for 2008.
The capex will be used to
complete the two new television studios, the comprehensive rollout
of the regional signal strengthening and upgrade project, the
implementation of a media asset management system, maintenance
expenditures and the build up of the Company’s regional
infrastructure, production and studio facilities, to enable it to
increase its broadcast capabilities outside of Mega Manila.
During the first quarter of the
year, GMA’s net profit was P421 million, 22 percent higher than
the figures in the same period last year.
The country’s leading broadcast
company said gross revenue during the period amounted to P2.494
billion or 9 percent higher compared to the same period in 2006.
Airtime revenues of both GMA-7
and QTV-11 posted improvements from the same quarter of last year.
QTV’s first quarter gross revenue is 48 percent higher compared to
the first quarter of 2006 while revenue from the network’s
international operations—GMA Pinoy TV and syndication—grew 89
percent compared to the first quarter of last year.
Earnings before interest, taxes,
depreciation and amortization grew 18 percent to P902 million higher
than last year’s P764 million due to significantly higher net
revenues.
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