Latest Stories

ABS-CBN to issue 1B voting, low-yield preferred shares

Sale to be restricted to Filipino shareholders


The country’s biggest media conglomerate, ABS-CBN Corp., is selling one billion low-yield, voting preferred shares to raise as much as P200 million from existing shareholders.

The shares to be issued, which would not be listed on any public exchange, will be offered only to Filipino stockholders to comply with the Constitution’s restriction on foreign ownership in media.

The shares will have a fixed cumulative interest rate of 2 percent a year, payable on each anniversary of the issue date. Shareholders as of Dec. 26 will be eligible to buy the new preferred stocks from Jan. 7 to 25, 2013.

“The preferred shares, being voting, cannot be owned by non-Filipinos,” ABS-CBN said in a disclosure. “Any shares not subscribed during the offering shall be taken up by Lopez Inc.”

Melissa Ortiz, head of ABS-CBN’s investor relations group, said the issuance of preferred voting shares would give the company flexibility to raise funds. The company declined to give further details.

Earlier this week, ABS-CBN announced that Eugenio Lopez III would step down as the company’s CEO and would be replaced by current president Ma. Rosario “Charo” Santos-Concio.

Lopez, whose family owns ABS-CBN, would stay on as the media company’s chairman.

Last November, ABS-CBN reported a net income of P1.56 billion for the first nine months of 2012, down 31 percent compared with P2.24 billion in the same period last year.

Removing the effects of the  gain from the sale of Sky Cable PDRs recognized in the first nine months of 2011 amounting to P825 million, ABS-CBN’s net income increased by 10 percent. The growth in recurring income was fueled by strong advertising revenues and consumer sales in the third quarter.

ABS-CBN shares closed lower by 3.15 percent on Wednesday to P32.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: ABS-CBN , fund raising , media , shares sale , Television

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Marketplace