Prime Media board OK’s capital stock increase to P7B

PRIME Media Holdings, Inc. announced on Monday that its board of directors had approved an increase in its authorized capital stock to P7 billion.

In a regulatory filing, Prime Media said that its board recently approved an amendment to the company’s articles of incorporation to increase its authorized capital stock by P2 billion from P5 billion, covering an additional two billion common shares with a par value of P1 apiece.

Prime Media said that the proposed amendments are being taken to eliminate its minuscule foreign-owned shareholdings in compliance with Article 7 of the amended articles of incorporation which limits ownership to 100% Filipino.

In the second quarter, Prime Media widened its attributable net loss to P1.42 million from P586,649 in the same period last year. Year to date, the company managed to cut its net loss to P2.48 million from P1.21 million in 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 the MoU with New Era Empire to “revitalize” its business by engaging in business in different sectors.

Shares of Prime Media on Monday went down by 4.47% or eight centavos to close at P1.71 a piece. — Ashley Erika O. Jose