MANILA, Philippines - Multimedia giant ABS-CBN Corp. on Friday said it was absorbing several wholly owned subsidiaries.
The company's board of directors on Thursday approved the merger of ABS-CBN Interactive, Inc., ABS-CBN Multimedia, Inc., Sarimanok News Network, Inc., Sapientis Holdings Corporation and Studio 23, Inc., with ABS-CBN as the surviving corporation.
"The purpose of the merger of the wholly owned subsidiaries is to clean-up the corporate structure of ABS-CBN Corporation," the company told the Philippine Stock Exchange.
ABS-CBN also declared a cash dividend to common stockholders equivalent to P0.60 per common share for stockholders of record as of March 20, 2015, payable on or before April 20, 2015.
On Thursday, ABS-CBN also announced the appointment of Carlo Katigbak as its new chief operating officer.
Katigbak previously served as the head of ABS-CBN Access in overseeing strategy formulation of SKY Cable Corporation, ABS-CBNmobile, and ABS-CBN TVplus.
Katigbak, a member of the ABS-CBN Board of Advisors, is currently the president of SKY Cable and managing director of Bayan Holdings Corp.
ABS-CBNnews.com is the news website of ABS-CBN Corp.