ABS-CBN shareholders OK P6 billion placement
Media giant ABS-CBN Corp. has received a P6-billion placement from the Lopez family and its new investor, increasing the company’s shares and adding seats to the boardroom.
MANILA, Philippines — The Lopez family and its new investor I&C Holdings Corp. have approved a P6 billion placement in media conglomerate ABS-CBN Corp., boosting the company's shares and expanding its board of directors. At a shareholder meeting, ABS-CBN received approval to accept the infusion and increase its authorized capital stock to P4.5 billion, which includes 4.2 billion common shares and 1.3 billion preferred shares.
The boardroom will also expand from seven to nine seats as the company aims to rebuild its resources and revenue streams.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
