ABS-CBN Corporation (PSE: ABS) recently announced in its press release that it will raise PHP 6,000,000,000.00 (USD 98,076,074.34) in new equity, and the three branches of the Lopez Family – Crème Investment Corporation, Mantes Corporation, and Presta Holdings Company Inc. – have committed to allow the subscription of an aggregate of PHP 2,200,000,000.00 in shares using personal resources.
Furthermore, I&C Holdings Corporation, a one hundred percent (100%) Filipino-owned private investment holding company that invests for long-term company turnaround, will also subscribe to PHP 3,500,000,000.00 worth of shares in the Kapamilya Network.
ABS-CBN has built valuable brands, intellectual property, content, and deep relationships with Filipino audiences in the Philippines and overseas. As the media industry continues to evolve, we believe these assets provide a strong foundation for the company to adapt, build a sustainable content-led business, and create long-term value, I&C Holdings said. ABS-CBN also said that Lopez, Inc. will subscribe to an additional company share worth PHP 300,000,000.00.
Mark Lopez, the chairman of ABS-CBN Corporation, said that the “substantial investment is a vote of confidence in ABS-CBN”. Mark added that “It tells us there are people who continue to believe in the company and in our mission of being In the Service of the Filipino.”
ABS-CBN promised that the capital raising will help strengthen its balance sheet and provide additional resources to execute its transformation into a more sustainable, content-led media and entertainment business. The investments involved in the announcement are subject to the execution of separate definitive agreements and applicable corporate and regulatory requirements.
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