ABS-CBN shareholders approved on Wednesday (September 30) the P6-billion new investment in the company and the issuance of additional shares for the new investments announced in August.
The new investments are from companies representing three branches of the Lopez family, namely Crème Investment Corporation, Mantes Corporation, and Presta Holding Company, Inc., as well as Lopez, Inc. and new investor I&C Holdings Corporation.
The shareholders also approved increasing the ABS-CBN Board of Directors from seven to nine members to accommodate representatives of the additional investors.
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.