(July 13, 2020) — The Philippine Stock Exchange suspended on Monday the trading of ABS-CBN shares and Philippine Depositary Receipts or PDRs issued by ABS-CBN Holdings effective at 9:00 a.m. today.
The suspension comes three days after the historic vote of the House Committee on Legislative Franchises to deny ABS-CBN’s bid for a renewed franchise, thereby keeping the network off-air since May 5.
In a notice released by the PSE, it also required ABS-CBN to submit a full disclosure on the impact of the non-renewal of its legislative franchise on the business, financial condition and operations of the company, including its prospects and business plan moving forward.
“Under the PSE Disclosure Rules, the Exchange is mandated to ensure that the investing public has access to full, fair, timely and accurate information where such information may reasonably be expected to materially affect the market activity and the price of its securities,” the notice reads.
The Exchange added that the trading suspension will be lifted one trading day after the dissemination of the full disclosure to the investing public.
On Friday, July 10, an overwhelming majority of lawmakers in the lower chamber of Congress denied granting a new franchise on the broadcast media giant after voting 70-11 against the renewal. Two have chosen to inhibit, while one abstained.
The National Telecommunications Commission issued a cease-and-desist order against the company after its franchise expired. ABS-CBN has filed an appeal before the Supreme Court to issue a temporary restraining order against the CDO.
Media workers unite
More than 600 journalists, editors and workers from different media organizations signed a unified statement expressing solidarity with ABS-CBN after it failed to get the nod of the House panel for its franchise renewal.
“One media outfit shutdown because of the whims and trivialities of those in power is one too many, especially at a time when the public needs credible and independently verified information to make informed choices,” the statement reads.
The media workers also believe that the rejection “sounds the death knell to a credible source of news and a huge attack on press freedom in the country.”
“The 70 lawmakers clearly wants to treat the press as a propaganda machine that will sersve their political interests, embellish their image, and parrot their spin.”
Halos 600 mamamahayag, editors, at media workers ang nag-issue ng statement kaugnay sa denial ng franchise renewal ng ABS-CBN.
The House Committee on Legislative franchises held 13 hearings discussing various accusations and alleged violations of the company, including the citizenship of ABS-CBN chairman Eugenio “Gabby” Lopez III, allegations of biased and malicious reporting, tax avoidance, labor issues and others. (Tony Castelltort/MM)
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