ABS-CBN shares on trading halt after regulator forces sign off

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/05/06/20200505-abs-cbn-closure-fsj-5875-2.jpg"/><figcaption>The ABS-CBN ELJ building lights up with its signature colors as ABS-CBN went off-air in compliance with the cease and desist order from the National Telecommunications Commission on May 5, 2020. Fernando G. Sepe Jr., ABS-CBN News</figcaption></figure></div>MANILA -- Shares of ABS-CBN Corp were placed on trading halt on Wednesday, after the Philippines&#x27; telecommunications regulator ordered it to sign off.The National Telecommunications Commission issued a &quot;cease and desist&quot; order against ABS-CBN despite a request from lawmakers to grant the company provisional authority to operate beyond the expiry of its franchise on May 4 as they need more time to deliberate on its renewal.&quot;I think it was fair also to have a halt, otherwise it could spiral down because of uncertainty and that could also be bad for investors,&quot; BDO Capital President Ed Francisco told ANC&#x27;s Market Edge.&quot;I still think there’s great intrinsic value in that and I’m hopeful it will be, Congress will fix it and they’ll get their temporary license or even a permanent franchise soon,&quot; he said.The broadcast shutdown order also came as ABS-CBN sustained its broadcast and public service works, raising up to P300 million, to help those in need during the COVID-19 pandemic and resulting lockdowns.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/05/05/20/read-abs-cbn-president-and-ceo-carlo-l-katigbaks-message-on-the-cease-and-desist-order-issued-to-abs-cbn">READ: ABS-CBN President and CEO Carlo L. Katigbak&#x27;s message on the cease and desist order issued to ABS-CBN</a></li>	<li><a href="https://news.abs-cbn.com/news/05/05/20/read-abs-cbn-chairman-mark-l-lopezs-message-on-the-cease-and-desist-order-issued-to-abs-cbn">READ: ABS-CBN Chairman Mark L. Lopez&#x27;s message on the cease and desist order issued to ABS-CBN</a></li>	<li><a href="https://news.abs-cbn.com/business/05/05/20/which-abs-cbn-businesses-can-still-operate-after-ntcs-cease-and-desist-order">Which ABS-CBN businesses can still operate after NTC&#x27;s cease and desist order?</a></li></ul>The NTC order covers 42 ABS-CBN television stations, including the flagship Channel 2, 10 digital broadcast channels, 18 FM stations and 5 AM stations, including DZMM radio.&quot;We trust that the government will decide on our franchise with the best interest of the Filipino people in mind, recognizing ABS-CBN’s role and efforts in providing the latest news and information during these challenging times,&quot; the company said.&quot;ABS-CBN remains committed to being in the service of the Filipino and we will find ways to continue providing meaningful service to them,&quot; it said.ABS-CBN signed off past 7 p.m. Tuesday, at the end of its flagship newscast, TV Patrol. It will continue streaming programs on its websites and on its official Facebook and YouTube channels. Cable channels will also continue operating.<div>News.abs-cbn.com is the official news website of ABS-CBN Corp.</div>

Shares of ABS-CBN Corp were placed on trading halt on Wednesday, after the Philippines' telecommunications regulator ordered it to sign off.

Shares of ABS-CBN Corp were placed on trading halt on Wednesday, after the Philippines' telecommunications regulator ordered it to sign off.

ABS-CBN shares on trading halt after regulator forces sign off | ABS-CBN

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ABS-CBN shares on trading halt after regulator forces sign off

ABS-CBN shares on trading halt after regulator forces sign off

ABS-CBN News

Published May 06, 2020 10:31 AM PHT

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Updated May 06, 2020 10:43 AM PHT

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