MANILA -- Shares of ABS-CBN Corp were placed on trading halt on Wednesday, after the Philippines' telecommunications regulator ordered it to sign off.
"I think it was fair also to have a halt, otherwise it could spiral down because of uncertainty and that could also be bad for investors," BDO Capital President Ed Francisco told ANC's Market Edge. The broadcast shutdown order also came as ABS-CBN sustained its broadcast and public service works, raising up to P300 million, to help those in need during the COVID-19 pandemic and resulting lockdowns.
"We trust that the government will decide on our franchise with the best interest of the Filipino people in mind, recognizing ABS-CBN’s role and efforts in providing the latest news and information during these challenging times," the company said.
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