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Manila Broadcasting Company buys majority of Elizalde Hotels

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ABS-CBN News

MANILA - The Manila Broadcasting Company (MBC) on Friday said it has acquired a substantial number of shares of its affiliate Elizalde Hotels and Resorts Inc. (EHRI) in a bid to increase stockholders’ returns through dividends and capital gains.MBC bought an additional 43.64 percent shares on Dec. 29, 2017 bringing its total stake to 80 percent through the share purchase agreement, the company told the stock exchange.MBC purchased an additional 240,000 common shares amounting to P240,000,000.00. MBC said the closing transaction “shall be subject to the completion of all customary closing conditions as stated in the agreement.”MBC now owns 440,000 out of 550,000 EHRI-issued shares.MBC had previously been engaged only in radio broadcasting business, such as its AM station DZRH, and organizing special events.

MANILA - The Manila Broadcasting Company (MBC) on Friday said it has acquired a substantial number of shares of its affiliate Elizalde Hotels and Resorts Inc. (EHRI) in a bid to increase stockholders’ returns through dividends and capital gains.

MANILA - The Manila Broadcasting Company (MBC) on Friday said it has acquired a substantial number of shares of its affiliate Elizalde Hotels and Resorts Inc. (EHRI) in a bid to increase stockholders’ returns through dividends and capital gains.