MVP group to infuse P100-M in BusinessWorld
MANILA, Philippines - Mediaquest Holdings, the media arm of Manuel V. Pangilinan-led PLDT, is set to infuse P100 million in BusinessWorld Publishing Corp., owner of the country's oldest business newspaper, in the next 12 months.
BusinessWorld on Tuesday reported Mediaquest now controls BWPC. The transaction was done through Mediaquest's Hastings Holdings which will end up owning 76.67% of BWPC after getting the necessary regulatory approvals. Hastings currently has a 30% stake in BWPC.
BusinessWorld reported that Hastings will inject P100 million in the company over the next 12 months.
The BusinessWorld Employee Retirement Fund will retain a 22.33% stake in the company.
The BWPC board named Ray C. Espinosa as chairman, and Edward Go and Lydia Echauz, trustees of PLDT's Beneficial Trust Fund, as new directors.
Orlando B. Vea, Digitel chief executive officer and Smart wireless advisor, was appointed as acting president, while Annabelle L. Chua was named chief financial officer and treasurer.
Anthony L. Cuaycong was named chief operations officer, while Blanquita C. Mercado as deputy chief financial officer and vice-president.
Cesar E. A. Virata remains as vice-chairman of the board. Vergel O. Santos was also retained as publisher and chairman of the editorial board, while Arnold Belleza remained as executive editor.
Aside from BusinessWorld, Mediaquest owns TV5, Cignal Digital TV and has stakes in The Philippine Star and the Philippine Daily Inquirer.