SEC okays capital hike of MediaQuest Holdings to P1.16B

The Securities and Exchange Commission (SEC) has approved the increase in capital stock of MediaQuest Holdings Inc., a wholly-owned subsidiary of the PLDT Beneficial Trust Fund, from P1 billion to P1.165 billion.

Mediaquest owns Philippine Home Cable Holdings Inc., the second largest cable operator in the country. It also holds a controlling interest in Nation Broadcasting Corp. which operates a network of 30 AM and FM radio stations. NBC likewise owns a stake in MTV Philippines through a joint venture with Viacom’s MTV Asia.

Through Mediaquest, PLDT almost acquired in 2001 a controlling stake in GMA Network Inc., the second largest broadcasting network in the Philippines, but the sale failed to push through due to differences in valuation.

The PLDT group formed Mediaquest to handle the acquisitions of companies that would help in the group’s convergence and Internet initiatives. Mediaquest likewise owns Infocom Technologies, Inc., an Internet service provider (ISP), and EYP.ph, an electronic yellow pages provider.

PLDT, which is affiliated with Metro Pacific Corp. through common shareholder First Pacific Co. Ltd. of Hong Kong, earlier said it planned to infuse media unit NBC into then affiliate 1st e-Bank, paving the way for the backdoor listing of the nationwide radio network on the Philippine Stock Exchange.

Metro Pacific, however, has sold 1st e-Bank’s assets and liabilities to the SM Group’s Banco de Oro Universal Bank and has since converted and renamed the company as Prime Media Holdings Inc., a media holding company.