During a Special Stockholders’ Meeting on Wednesday, September 30, ABS-CBN shareholders overwhelmingly approved a major P6-billion investment plan along with the issuance of additional shares. The proposals were passed after receiving support from stockholders representing 83% of the company’s outstanding voting shares.
The multi-billion peso equity infusion comes from three entities representing distinct branches of the Lopez family: Crème Investment Corporation, Mantes Corporation, and Presta Holding Company, Inc., in addition to Lopez, Inc. and new equity participant I&C Holdings Corporation.
To ensure strategic oversight and proper representation for the expanded investor base, stockholders voted to amend the media network’s Articles of Incorporation to expand its Board of Directors from seven to nine members.
Addressing the governance structure, ABS-CBN Chairman Mark Lopez reassured stakeholders that the core leadership remains anchored with the founding family. “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,” Lopez said.
ABS-CBN President and CEO Carlo Katigbak highlighted the financial and operational benefits of the transaction. “We believe these measures will enhance the Company’s long-term prospects and create value for all shareholders,” Katigbak said, noting that the new capital is slated to reinforce the balance sheet, address working capital needs, and drive ongoing turnaround initiatives.
The approved corporate adjustments, including the expansion of authorized capital stock and board seats, will be formally filed with the Securities and Exchange Commission (SEC) for final regulatory approval.