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Manila Bulletin devider Business devider ABS-CBN to sell treasury shares, PDRs worth P748 M

ABS-CBN to sell treasury shares, PDRs worth P748 M

Published Jan 23, 2022 07:00 pm

ABS-CBN Corporation is raising P748 million from the sale of its treasury shares and PDRs (Philippine Depository Receipts) to interested qualified institutional buyers.

In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the sale of 21.32 million of its treasury shares and 27.83 million PDRs at the price of P15.23 for each common share or PDR.

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The price was determined based on a 12 percent premium over the closing price of the ABS-CBN share on January 20, 2022. The selling price represents a 19 percent premium over the 30-day volume weighted average price of the common shares.

In the event that none of the shares are taken up by the institutional buyers, ABS-CBN said Lopez, Inc., is willing to purchase up to P500 million worth of the treasury shares and PDRs at the same price.

ABS-CBN booked a net loss of P3.78 billion in the first nine months of 2021, 48 percent smaller than the net loss of P7.32 billion incurred in the same period of 2020.

It reported unaudited revenues of P12.75 billion, 25 percent lower than the P17.03 billion registered in the same period of the previous year, which still included revenues from ad sales until May 4, 2021.

The company is currently producing content mainly for digital platforms after its broadcast franchise expired.

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ABS-CBN Corporation Lopez Inc.
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