ABS-CBN stocks lose P30B in value, admits top network exec

MANILA, Philippines—The value of ABS-CBN’s stocks has lost at least P30 billion in the last few years, according to the network giant’s top offiical.

“Unfortunately, the last few years have been quite painful for our shareholders,” said Carlo Katigbak, ABS-CBN president and CEO, at the hearing of the Senate committee on public services.

Responding to a query by Sen. Francis Pangilinan, Katigbak said ABS- CBN stocks went as high as P60 per share but took a deep dive to P16 per share.

Asked how much the company lost in total, Katigbak said “that would be about P30 billion, more or less, if I’m not mistaken.”

The ABS-CBN boss, however, could not say how many shareholders had also suffered losses as a result of the stock value drop.

Aside from Katigbak , other top officials of the giant television network also attended the hearing as the committee, headed by Sen. Grace Poe, opened an investigation on the network’s franchise.

The franchise’s expiry date had been thought to be this coming March 30 but Justice Secretary Menardo Guevarra, who was at the hearing, too, said the franchise would actually expire this coming May 4.

READ: ABS-CBN’s franchise expires on May 4, not March 30 — DOJ chief

The House of Representatives, however, has yet to act on bills seeking to renew the ABS-CBN franchise for another 25 years.

Once approved by the House, the bill will then be transmitted to the Senate for concurrence before it sent to President Rodrigo Duterte, who had previously vowed to deny the network a new franchise.

Edited by TSB