ABS-CBN stocks resume trade on Monday

This follows the release of ABS-CBN’s disclosure statement on May 15 as per PSE requirements. 

In its disclosure statement, ABS-CBN said TV and radio operations revenues amounted to P23.3 billion, of which P15.9 billion or approximately 68% revenue was from free-to-air advertising. Long-term debts amounted to P21.336 billion.

The network also promised to pay existing debts on schedule and assured that it is seeking alternative ways to make up for the expected shortfall caused by the NTC closure order. 

ABS-CBN meanwhile continues to air on cable, satellite and Internet channels. 

The PSE suspended trading for ABS-CBN’s stock on May 6, a day after the National Telecommunications Commission ordered the network to close TV and radio operations. The network’s legislative franchise expired on May 4. 

The network also awaits the approval of pending bills at the House of Representatives on its franchise to operate. The House on May 13 passed House Bill 6732 to grant ABS-CBN a temporary license to operate until October 31, 2020 while they deliberate on the bills.