Manila Broadcasting Company (PSE:MBC) agreed to acquire additional 43.6% stake in Elizalde Hotels and Resorts for PHP 240 million on December 29, 2017. As per the terms of the transaction, Manila Broadcasting Company will acquire 0.24 million shares at an offer per share of PHP 1,000. 25% of the consideration will be paid upon subscription while 75% within one year. With this transaction, 80% of issued shares of Elizalde Hotels and Resorts is now owned by Manila Broadcasting Company. The Board of Directors of Manila Broadcasting Company approved the transaction. The closing of the transaction shall be subject to the completion of all customary closing conditions as stated in the agreement such as delivery of original stock certificates and the execution of the necessary transfer documents. This acquisition will increase the Manila Broadcasting Company's income through dividends and capital gains that will be beneficial to Manila Broadcasting Company stockholders. Manila Broadcasting Company (PSE:MBC) completed the acquisition of additional 43.6% stake in Elizalde Hotels and Resorts on December 29, 2017.