Prime Media Holdings has its takeover reconfigured

Prime Media Holdings [PRIM 1.9 12.1%] [link] disclosed that the parties to its takeover by the Romualdez Family have altered/updated the memorandum of understanding between the parties.

Originally, RYM Business Management Corp., the Romualdez-owned entity that took control of PRIM, was going to acquire Philippine CollectiveMedia Corporation (PCMC), the Romualdez-owned entity that owns the mass media broadcasting franchise.

The original document needed to be revised, since PCMC was acquired by a company called Golden Peregrine Holdings Inc (GPHI).

The GPHI shareholders will now trade their interest in GPHI for shares in PRIM, making GPHI a direct subsidiary of PRIM, and PCMC an indirect subsidiary.

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I don’t have a good feeling for what this change is about.

I don’t know who owns GPHI, though I assume it’s the same general ownership group.

Maybe this move is only meant to provide a layer of obfuscation between the asset (PCMC) and the vehicle (PRIM), much in the same way that Dennis Uy holds his interests in DIto Telecommunity through an intermediary corporation that is ultimately owned by the listed vehicle, DITO CME [DITO 2.9 3.9%].