MANILA, Philippines -- The Securities and Exchange Commission (SEC) has dismissed the petition of former representative Imee Marcos to stop the initial public offering of the television firm GMA Network Inc., the network announced Wednesday.

A SEC official knowledgeable about the matter who requested not to be named confirmed the dismissal.

GMA Network pushed through with its listing at the Philippine Stock Exchange (PSE) on July 30 last year, raising P7.7 billion from the IPO.

Marcos, daughter of the late dictator Ferdinand Marcos, had alleged in her petition that GMA failed to disclose that the shares held in the name of one of the television network?s three majority shareholders, Gilberto M. Duavit and his family, were merely held in trust for the Marcoses. This, she said, constituted an act of misrepresentation.

The SEC, through Corporate Finance Department director Justina F. Callangan, dismissed Marcos? allegation, stating that the obligation to disclose matters pertaining to Marcos? claim over the GMA Network shares ?has not yet arisen? since the Duavits ?categorically claim ownership over the subject GMA shares in their own right and that no pending case impugning the ownership of the said shares has been filed in court by Marcos against the Duavits.?

The SEC, according to documents provided by GMA, also said that ?the rejection of GMA Network?s registration statement cannot be granted because the company?s registration statement was already rendered effective by the Commission last July 16, 2007.?

The SEC also said that there is no apparent misrepresentation as to the ownership of the disputed GMA Network shares which would have been a ground for suspension because ?Marcos failed to allege even a single pending legal proceeding where the issue of legal title over the subject shares has been raised.?