Philippine-listed media firm GMA Network is looking at investing in the country’s tech startups and other companies in industries that continue to expand, according to its disclosure to the Philippine Stock Exchange.
The investment will be carried out by GMA Ventures Inc, a new holding company that is 100 per cent owned by the network. According to the disclosure, the launch of GMA Ventures is part of the network’s efforts to diversify its business.
GMA Ventures will lead GMA Group in identifying, investing in, and/or building strong and sustainable businesses. As a champion for innovative business models, the holding company will focus on sunrise industries such as tech startups with substantial growth horizons and industries that continue to expand.
It will likewise engage in mergers and acquisitions, strategic partnerships, and fund investments, within or outside the Philippines, with the aim of being at the forefront of technology advancement and the growth of the digital economy.
“We are actively looking for ways to diversify the company’s portfolio by investing in sustainable businesses and, ultimately, providing the best returns to our shareholders in the years to come,” expressed GMA Network and GVI Chairman and CEO Felipe L. Gozon.
The launch of the new venture also comes as GMA aims to become one of the top conglomerates in the Philippines. Other major conglomerates in the country, including Ayala Group, JG Summit, and Globe, have already launched their own venture investment units.
“We are taking this significant step to future-proof the Network, champion innovative industries and business models, and be at the forefront of technology advancement and the growth of the digital economy,” said GVI’s President and COO Regie C. Bautista who is also GMA’s Senior Vice President for Corporate Strategic Planning and Business Development, Chief Risk Officer, and Head for Program Support.
For his part, GMA President and COO and GVI’s Chairman Gilberto Duavit Jr. said that GMA intends to further contribute to the growth of the Philippine economy as it protects and increases our shareholder value.
“GMA Ventures will be our arm in identifying other viable sources of revenue and future profit pools,” he stressed.