Prime Media equity shakeup gets SEC nod

Prime Media Holdings Inc. (PRIM), owned and controlled by the family of House Speaker Romualdez, is forging ahead with its planned equity restructuring plan, which aims to improve its financial position by offsetting accumulated losses.  

The company said it secured the Certificate of Approval of Equity Restructuring dated 14 March from the Securities and Exchange Commission (SEC). The company’s board approved the restructuring plan in August 2024.  

Deficit reduction

Under the plan, PRIM applied P253.5 million in additional paid-in capital to partially reduce its deficit while enhancing its financial standing.

To recall, PRIM also raised nearly P531 million through capital infusion from investors Valiant Consolidated Resources Inc. and Cymac Holdings Corp. to strengthen its broadcast operations.  

Valiant, owned by businessman Anthony Te, subscribed to 161.36 million shares at P2.95 each, totaling P476 million. Cymac will buy 18.64 million shares at the same price for P55 million.  

In the previous year, two investors also injected a combined P405 million into Prime Media by subscribing to 150 million shares.