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ABS-CBN to raise P6 billion in new equity
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BusinessWorld Online
ABS-CBN CORP. plans to raise P6 billion in new equity through subscriptions from three Lopez family investment companies, I&C Holdings Corp., and Lopez, Inc.Crème Investment Corp., Mantes Corp., and Presta Holdings Co., Inc., representing three branches of the Lopez family, have committed to subscribe to a combined P2.2 billion worth of ABS-CBN shares using personal resources, the company said in a statement on Wednesday.
I&C Holdings Corp., a 100% Philippine-owned private investment holding company, will subscribe to P3.5 billion worth of ABS-CBN shares, while Lopez, Inc. will subscribe to an additional P300 million.
“ABS-CBN has built valuable brands, intellectual property, content and deep relationships with Filipino audiences in the Philippines and overseas,” I&C Holdings Corp. said.
“This substantial investment is a vote of confidence in ABS-CBN,” ABS-CBN Chairman Mark Lopez said.
Lopez, Inc.’s units include ABS-CBN Corp., First Philippine Holdings Corp., and First Gen Corp.At the local bourse on Wednesday, ABS-CBN shares rose 46 centavos, or 12.6%, to close at P4.11 each.