The TV giant ABS-CBN seems to be handling more than it can
chew, the network has two battles to worry, one is at the halls of Congress
where 11 bills calling for its renewal is still pending at the committee level
and the quo warranto proceeding now being entertained by the Supreme Court
which have been filed by the Solicitor General himself- Jose Calida.
But as early as now, the media network has lost a very
costly battle and this is located in the Stock Exchange where it had a beating
since the filing of the quo warranto proceeding in the SC.
ABS-CBN Corporation, lost P258.593 million in market capitalization
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| (photo credit to owner) |
Shares of ABS-CBN plunged to P16.70 apiece, down by 30
centavos or 1.76% from P17.00 per share last week (2/2/2020).
In the process, the company lost P258.593 million of its
market capitalization to P14.394 billion, down from P14.653 billion on Friday.
Asked for a comment, Diversified Securities Inc. equity
trader Aniceto Pangan
"It creates uncertainty on the part of the company if
it cannot renew its franchise congressional approval," he explain
This is not the end, Pangan said
shares of the tv network could be expected to slide further should the quo
warranto issue remain unresolved.
"I think that's a possibility
unless the government acts to retrieve this back," he explained.
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