First Pacific spends 12.5 bln pesos acquiring 67% stake in Philippine GMA Networ

Manuel Velez Pangilinan, chairman of First Pacific (0142), said the company would spend 12.5 bln pesos (circa HK$2 bln) acquiring 67% stake in Philippine broadcast company GMA Network. The relevant audit was underway and the results were expected in several weeks. It was reported by Philippine sources that the price was set at 8.5 bln pesos.

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