Jose Mari Chan, Noli de Castro, Angel Locsin, Daniel Padilla, Bea Alonzo Among ABS-CBN's Top 100 Stockholders
Some of the country’s top celebrities stand to lose a lot of money if ABS-CBN’s franchise expires, not only because of the threat of their shows’ closing. That’s because the network’s stars are also among its top 100 stockholders, according to the disclosure on the Lopez Holdings Corporation website dated March 31, 2019.
A stockholder is an owner of one of more shares of a corporation’s capital stock. According to accountingcoach.com, stockholders are considered separate from the corporation. As such, they have limited liability in terms of the corporation’s obligations.
According to Investopedia, a stock is a type of security that signifies proportionate ownership in the issuing corporation. It entitles a stockholder to a certain proportion of a corporation’s assets and earnings.
"Stocks are bought and sold predominantly on stock exchanges, though there can be private sales as well, and are the foundation of nearly every portfolio. These transactions have to conform to government regulations which are meant to protect investors from fraudulent practices," states Investopedia.
On the list of ABS-CBN Corporation’s Top 100 Stockholders, businessman and musician Jose Mari Chan holds the 9th spot. Chan is the chairman and CEO of Binalbagan Isabela Sugar Company, Inc. (BISCOM) and of A. Chan Sugar Corporation. He is also the chairman and president of Signature Music, Inc. According to an analysis of Facebook page Money Abundance, Chan currently owns 1,257,130 shares of ABS-CBN Corporation. At P16.56 per share, this translates to P20,818,072.80.
In the 13th spot is ABS-CBN Corporation’s chairman, Carlo Lopez Katigbak, while in the 14th spot is its chief operating officer Ma. Socoro “Cory” Vidanes.
Director Lauren Dyogi is the network’s top 16 stockholder, followed by Star Cinema’s managing director Olivia Lamasan at 20th spot.
Former vice president and now TV Patrol anchor Noli De Castro is the network’s top 25 stockholder. This is followed by Quezon City Mayor Joy Belmonte and her father who is former Speaker of the House Feliciano Belmonte, Jr. as top 26 stockholders.
Angel Locsin, listed with her legal name Angel Colmenares, is the network’s top 29 stockholder.
Daniel John E. Ford, more commonly known as Daniel Padilla, takes the number 54 spot.
Phylbert Angellie Ranollo or Bea Alonzo follows as the network’s 55th top stockholder.
Former Kapamilya contract star Kris Aquino also co-owns the network as its top 64 stockholder.
Significant investments have also been made by Ice Seguerra (76), Vic Sotto (77), Angelica Panganiban (79), John Estrada (88), and Kim Chiu (96).
ABS-CBN Franchise Renewal Problem
The network’s franchise renewal problem can be traced back to 2014 when the 16th Congress failed to approve House Bill 4997 seeking to renew the network’s franchise to broadcast. The 17th Congress also failed to tackle the issue even as Nueva Ecija second district representative Micaela Violago filed House Bill 4349 seeking to renew the franchise.
Calida’s Quo Warranto Petition vs ABS-CBN
Currently, there are 11 pending bills in Congress seeking to renew ABS-CBN’s franchise, which is set to expire on March 30, 2020.
House Speaker Alan Peter Cayetano said the network can still operate without a franchise even if bills seeking its renewal are still pending on Congress.
On top of its franchise renewal woes, the network is also facing a legal battle brought by the quo warranto petition filed by Solicitor General Jose Calida at the Supreme Court for allegedly violating provisions in its franchise. The Supreme Court asked ABS-CBN to respond to the petition within ten days.
This story was translated from Pep.ph. Edits have been made by the Esquiremag.ph editors.