The chairman of broadcast giant GMA Network Inc. has acquired additional shares of the company amid the recent decline in its value.
In a disclosure, GMA Network said FLG Management and Development Corp., named after the initials of the television station’s chairman, Felipe L. Gozon, had acquired a total of 3.77 million shares of the network.
The shares were acquired from November 23 to 25. The most expensive of the purchases was for 100,000 shares at P7.24 each. The cheapest involved 25,000 shares, bought for P6.81 apiece.
These shares were valued at P26.44 million based on the company’s closing share price of P7 on Friday. This is 17.65 percent below the company’s share price of P8.50 on the day of its initial public offering (IPO) in 2007.
As of the end of the third quarter, prior to these purchases, FLG Management and Development held 12.88 million GMA Network shares, or a stake of 0.38 percent.
A similarly named company, FLG Management & Development Corp., which is also owned by Gozon, holds 656 million shares, or 19.5 percent, of GMA Network.
“Gozon is just signaling to investors that his company’s stock is still fairly undervalued and that people should buy it,” Jose Mari Lacson of brokerage firm Campos Lanuza & Co. said.
He has been the chairman of GMA Network since 2000. He was also the firm’s president and CEO.