ABS-CBN shareholders approved on Sept. 30 the P6- billion new investment in the company and the issuance of additional shares for the new investments announced in August.
Crème Investment Corporation, Mantes Corporation and Presta Holdings Company Inc., representing three branches of the Lopez family, earlier committed to subscribe to an aggregate of P2.2 billion in ABS-CBN shares using personal resources. I&C Holdings Corporation, a 100% Philippine-owned private investment holding company that invests for long-term company turnaround, and Lopez Inc. will subscribe to P3.5 billion and P300 million worth of ABSCBN shares, respectively.
The shareholders also approved increasing the ABS CBN board of directors from seven to nine members to accommodate representatives of the additional investors. Elected to fill the seats were Cory Vidanes and Bobby Barreiro.
The approved changes to ABS-CBN’s articles of incorporation, including the increase in the number of shares the company may issue and the expansion of its board, will be submitted to the Securities and Exchange Commission for approval.
The proposals were approved by stockholders representing 83% of ABS-CBN’s outstanding voting shares.
The company earlier said the new investments are part of its continuing efforts to build the new ABS-CBN. It continues to reach audiences across television, streaming, digital, film, music, live events and international markets.
By Kane Choa
