ABS Shares on Trading Halt After Franchise Rejection

ABS-CBN (ABS) Holdings Corp. shares were put on trading halt on Monday after the House Committee on Legislative Franchises chose to deny ABS’s application for franchise renewal.

The Philippine Stock Exchange (PSE) required the company to submit a full disclosure on the impact of the franchise non-renewal, financial conditions and operations, as well as future plans for the company. This will allow the public to have full access to investing information, before ABS shares become active.

The PSE said the suspension will be lifted after 1 trading day and the release of the full disclosure to the investing public.