SHAREHOLDERS of ABS-CBN Corp. on Wednesday approved a P6-billion new investment in the media company as well as amendments to its articles of incorporation to accommodate the additional subscriptions.
The special stockholders’ meeting approved the increase in ABS-CBN’s authorized capital stock to P4.5 billion from P1.5 billion, the company informed the stock exchange.
Under the approved amendment, the company’s authorized common shares will increase to 4.24 billion from 1.3 billion, with a par value of P1.00 each, while its authorized preferred shares will rise to 1.3 billion from 1.0 billion, with a par value of P0.20 each.
The new investments will come from I&C Holdings Corp., Lopez Inc., Crème Investment Corp., Mantes Corp. and Presta Holdings Co. Inc.
ABS-CBN said the capital increase was intended to accommodate the subscriptions from the new investors, with the proceeds to be used for general corporate purposes.
Shareholders also approved increasing the number of the company’s board directors to nine from seven, with Ma. Socorro Vidanes and Roberto Barreiro elected to fill the two additional seats.
The resolutions were approved by shareholders representing 82.97 percent of ABS-CBN’s outstanding capital stock.
The amendments to the company’s articles of incorporation remain subject to the approval of the Securities and Exchange Commission.
ABS-CBN earlier said the new investments are part of its efforts to build its business across television, streaming, digital, film, music, live events and international markets.
Shares of the company dropped P0.02, or 0.76 percent, to close at P2.60 each on Wednesday amid a 1.03-percent fall for the benchmark Philippine Stock Exchange index.
