Prime Media Holdings Inc., a listed company majority owned by House Speaker Martin Romualdez, has successfully raised capital through private placements with two key partners—Valiant Consolidated Resources Inc. (Valiant) and Cymac Holdings Corp. (Cymac)—following approvals from the company’s board.
Under the arrangement with Valiant, Prime Media will issue to Valiant in two separate transactions a combined 151.4 million shares worth a total P476 million.
In one transaction, Valiant will subscribe to 75 million new Prime Media common shares at P2.95 per share, totaling P22.3 million.
In a separate transaction, Valiant will subscribe to an additional 86.4 million common shares, also priced at P2.95 per share, for a total of P254.7 million. These shares will be issued following Prime Media’s planned share-for-share swap with the shareholders of Golden Peregrine Holdings. Valiant will make an initial payment of P209.7 million, with the balance to be settled after the completion of the Golden Peregrine transaction and approval of the capital stock increase by the Securities and Exchange Commission.
Meanwhile, Cymac will subscribe to 15 million common shares for P44.3 million, with an initial payment of P25 million. The balance of P19.3 million will be due by July 31, 2025. Additionally, Cymac will acquire 3.6 million common shares, valued at P10.8 million after the Golden Peregrine transaction is completed. Cymac’s subscription is part of Prime Media’s public float.
In a separate development, Prime Media’s board also approved a loan to Philippine CollectiveMedia Corp. amounting to P531 million that will support PCMC’s nationwide expansion.
