ABS-CBN Corp. is seeking shareholder approval for a P4.5-billion capital increase and a two-seat board expansion, reshaping its corporate structure as two new directors are nominated to join the company’s governing body.
The country’s largest media group before Congress rejected its broadcast franchise renewal, ABS-CBN amended its Aug. 19 resolutions to raise the preferred-share component of the planned capital increase to 1.3 billion from 1 billion.
Under the revised structure, ABS-CBN’s authorized capital will increase from P1.5 billion to P4.5 billion, divided into 4.24 billion common shares with a par value of P1 each and 1.3 billion preferred shares with a par value of P0.20 each.
The adjustment increases the preferred-share component by 300 million shares, with the number of common shares revised accordingly from the earlier proposal.
The board also passed on the qualifications of Socorro V. Vidanes and Roberto V. Barreiro, who have been nominated to fill two new board seats.
Their election will follow the proposed amendment to the company’s Articles of Incorporation, which would increase the number of directors from seven to nine. The amendment requires approval from the Securities and Exchange Commission.
The proposed capital increase, amendment to the Articles of Incorporation, and election of the two directors will be presented to shareholders at a special meeting scheduled for Sept. 30, 2026.
The proposals remain subject to shareholder and regulatory approval.
The latest board action modifies the structure of the planned capital increase without changing its total amount. The company will have 1.3 billion preferred shares in the proposed authorized capital structure, compared with 1 billion under the Aug. 19 resolution.
The board changes would likewise expand ABS-CBN’s governing body by two seats, subject to approval of the corporate amendments.
For shareholders, the Sept. 30 special meeting will determine whether the proposed capital structure and board expansion move forward.
