ABS-CBN’s 1B preferred shares only for insiders?

ABS-CBN Corp. lists on the Philippine Stock Exchange (PSE) 861,971,968 outstanding shares; 872,122,352 listed shares; and 883,294,529 issued shares. It has free-float level equivalent to 42.77 percent of outstanding. Being a television and radio station, it does not allow foreigners to own any of its shares, which is the reason for the entry’s zero percent.

As ABS-CBN so said in the PSE website, the company confirms in its public ownership report (POR) as of Dec. 31, 2019 the number of its outstanding shares but shows 21,322,561 treasury shares out of 883,294,529 issued shares. The TV channel and radio station also showed its entry of 21,322,561 treasury shares in its unaudited third quarterly financial statement.