Prime Media Holdings Inc., one of the country’s top-performing stocks this year, said Thursday it signed an agreement with New Era Empire Realty Corp.
Prime Media said in a disclosure to the stock exchange parent firm RYM Business Management Corp. signed a memorandum of understanding with New Era where the latter will become the majority shareholder of the company.
This will be done through subscription to the unissued portion of the authorized capital stock of the corporation by way of a merger, cash subscription and/or infusion of businesses or assets in order to operate the new businesses.
The revitalized Prime Media plans to engage in businesses including commercial and residential development and media and entertainment by acquiring an existing franchise. It also plans to invest in gaming by applying for a license from state-owned Philippine Amusement and Gaming Corp. or securing partnerships with an existing PAGCOR licensee and to provide allied services to Philippine offshore gaming operators.