Section 12Sec./Art. 12

Dispersal of Ownership. - In compliance with the constitutional mandate to democratize ownership of public utilities, the herein grantee shall make public offering through stock exchanges of at least thirty percent (30%) of its common stocks within a period of five (5) years from the time it has achieved the status of a national broadcasting network.

A "national broadcasting network" is hereby defined as one that operates three (3) or more media and/or television stations: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offering: Provided, finally, That the offer to the public through any securities and exchange in the Philippines of at least thirty percent (30%) of the number of shares of a holding company that owns at least a majority of the capital stock of the grantee sufficient to constitute an offer of at least thirty percent (30%) interest in the outstanding capital stock of the grantee shall be deemed compliance with the requirement herein provided. Non-compliance herewith shall render the franchise ipso facto revoked.