ABS-CBN raises P500 million through sale of shares, PDRs to fund digital push

ABS-CBN News

Posted at Jan 26 2022 02:35 PM

MANILA - ABS-CBN Corp on Wednesday said it sold 21.32 million common shares and 11.5 million Philippine Depositary Receipts (PDRs, the proceeds of which will be used to boost its digital initiatives and other purposes. 

Each common share and PDR was sold for P15.23 each, with the total purchase price at P499.9 million, ABS-CBN said in a disclosure to the stock exchange.

"The purchaser for the common shares and PDRs was ABS-CBN's principal shareholder, Lopez Inc," it said.

"We confirm that the proceeds will be used for digital initiatives, content production and other general corporate purposes," it added.

The company's broadcast network has been ramping up its digital initiatives after the House of Representatives denied its application for a new broadcast franchise in 2020.

Despite the franchise denial, ABS-CBN has continued creating entertainment and news content for different platforms such as YouTube, the Kapamilya Channel, its mobile app iWantTFC, news.abs-cbn.com and A2Z Channel 11.

news.abs-cbn.com is the official news website of ABS-CBN Corp.

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