San Miguel Corporation president Ramon Ang is set to acquire a stake in broadcast giant GMA Network Inc (GMA 7) after owners agreed to sell shares. In a disclosure to the Philippine Stock Exchange on Tuesday, June 24, GMA 7 said: “The company has been informed by its major shareholders that they have agreed to sell to Mr Ramon Ang a participating minority equity interest in the company’s outstanding capital stock.” Final terms and conditions are still being negotiated. The deal comes months after businessman Manny Pangilinan’s offer to buy the network had expired. Price and other issues got in the way of long-running negotiations.
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