MANILA—ABS-CBN continues to be a Lopez-led company as new investments come in, company officials said on Wednesday.
ABS-CBN shareholders approved the infusion of P6 billion from new investments at the company’s Special Stockholders’ Meeting. The new investments are from the three branches of the Lopez family, namely Creme Investment Corporation, Mantes Corporation, and Presta Holding Company, and new investor I&C Holdings Corporation.
"Lopez, Inc., together with its stockholders, Crème, Mantes and Presta, and together with ABS-CBN, will continue to determine ABS-CBN’s strategic direction. The new major investor will be consulted and their rights will be respected," ABS-CBN Chairman Mark Lopez said.
Shareholders approved the increase in the company’s authorized capital stock from P1.5 billion to P4.5 billion and the increase in the number of board seats from seven to nine. The approved changes will be submitted to the Securities and Exchange Commission for approval.
ABS-CBN President and CEO Carlo Katigbak said the new investments are expected to strengthen the company’s balance sheet, support working capital requirements, and help fund the company’s turnaround initiatives.
"We believe these measures will enhance the Company's long-term prospects and create value for all shareholders," Katigbak said.