GMA to reacquire PDRs by end-Oct

Listed GMA Network Inc. plans to repurchase Philippine depositary receipts (PDRs) from foreigners, more than a month after Congress denied granting a new legislative franchise to its chief rival after questions about its own PDRs were raised.

In a disclosure on Tuesday, the Gozon-led media giant said its board of directors gave the go-signal to buy back the PDRs issued by GMA Holdings Inc. to non-Filipinos at P4.55 per share or lower “effective immediately and up to Oct. 31, 2020.”