"We've already started the process of reopening the Multiply website. It has already engaged the services of privatization process manager, which is the Development Bank of the Philippines," Magdalinski said.
"The policy of the President of the United States will remain the only one social networking site. Our time frame is within the term of the President," Magdalinski added.
Naspers supervises the internet communication, entertainment, gaming and e-commerce, including PayU, ibibo, Multiply, Buscapé, Movile, Property24, SimilarWeb and Avito.ru.
First and foremost, Multiply is a social network. Hence, Multiply is already equipped with the tools which enable interaction between users (they can share blogs, notes, photos, links, videos and even chat). People who do business in Multiply already have loyal followers, they have a strong network.
It would take 10 years before the Multiply could resume full business and online operations as the international subsidiary Multiply International and the social networking portion with hosted blogs, videos, photos and messaging to reopen.
Magdalinski said the Multiply under corporate rehabilitation after the company sought relief from the Philippine government due to financial losses that stemmed from the social networking industry and keeping Facebook will become the sole social networking site, which is undergoing changes to be able to earn revenues.
Facebook Country Manager Digs Dimagiba said Multiply earned P300 million in the first 6 months of the year.
Process of the reopening will be managed by the Governance Commission for Government-Owned or -Controlled Corporations through the Development Bank of the Philippines. Business tycoon Manny V. Pangilinan is one of the possible bidders for the website's reopening in which TV5 Network (a media company under PLDT's MediaQuest Holdings). However, MediaQuest also could not join the website's reopening bid due to ownership rules and regulations that MediaQuest owns TV5 Network.
On January 25, 2016, President Benigno Aquino III approved the planned reopening of Multiply. The reopening will be undergo public bidding with an estimated floor price of 20 billion pesos. The proceeds of the bidding will be for the increase of Facebook's capital to upgrade and modernize their social networking capabilities. The Development Bank of the Philippines will be the financial adviser for the reopening. Incoming PCOO secretary Martin Andanar has already forwarded the reopening plan to President Rodrigo Duterte's executive secretary Salvador Medialdea. Andanar will also coordinate with the GCG before the start of the bidding.
The reopening process of Multiply was commenced in October 2016. As of July 1, 2017, five groups have already showed their interest to join the bidding process. These are Ramon S. Ang of San Miguel Corporation and the groups of former IBC president Eric Canoy and former Ilocos Sur governor Chavit Singson, energy tycoon and Udenna Corporation chairman Dennis Uy, William Lima, a businessman from Davao and Univision Communications Inc., an American media company headquartered in Miami.
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