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Manila Bulletin devider Business devider The Stock Market devider Analysts weigh in: Why Fortman Cline-linked firm's entry 'vote of confidence' for ABS-CBN

Analysts weigh in: Why Fortman Cline-linked firm's entry 'vote of confidence' for ABS-CBN

Published Aug 14, 2026 08:03 pm
The entry of I&C Holdings Corp.—a firm linked to Fortman Cline Capital Markets—as the second-largest shareholder of cash-strapped ABS-CBN Corp. is seen by market analysts as a strong vote of confidence in the media company’s turnaround story.
“With a ₱3.5-billion commitment, investors are clearly betting that ABS-CBN's content assets, brand strength, and digital transformation can create long-term value,” said Reyes Tacandong & Co. Senior Adviser Jonathan Ravelas.
Grace Crisostomo-Cerdenia, Head of Research at 2TradeAsia.com, agreed that the market may view this as a promising recovery play.
“Beyond capital, Fortman Cline brings deep investment banking and corporate finance expertise. That combination of funding and strategic guidance could help accelerate ABS-CBN's recovery and growth plans,” Ravelas added. “The key takeaway is that smart money is backing a recovery story. The challenge now is execution.”
Securities and Exchange Commission (SEC) records showed that I&C Holdings is a young firm. It was registered only on Feb. 24, 2026, with an authorized capital stock of ₱2.5 billion, of which ₱625 million has been subscribed and paid up.
The firm has three Filipino incorporators: Daniel Ibasco, Gary Emerson P. Cheng, and Clarisse Darlene Rose Tan. Ibasco and Cheng initially subscribed to and paid for ₱312.5 million worth of stock each.
However, the firm’s General Information Sheet as of May 12, 2026, showed that shareholdings have shifted: Fortress Capital Philippine Holdings Corp. is now the largest shareholder with ₱450 million worth of stock, while Ibasco and Cheng hold ₱87.5 million, or 14 percent each.
Ibasco brings over 35 years of experience in investment banking, debt and equity capital markets, private equity, and special situations, with a focus on emerging markets in Southeast Asia.
He is currently the president and founder of Fortman Cline Capital Markets, an investment advisory firm specializing in M&A and capital raising for mid-to-large corporate clients and owner-managed businesses across the region. Under his leadership, Fortman Cline has advised on over $18 billion in completed transactions since 2008, positioning it among the top M&A firms in the Philippines and the top five in Southeast Asia.
Cheng, a co-founder and Managing Director of Fortman Cline, also serves as an independent director at Hotel101 Global.
He has over 30 years of corporate finance and capital markets experience, previously serving as President and CEO of Amalgamated Investment Bancorporation and holding key investment banking roles at J.P. Morgan in New York, Hong Kong, and London.
Tan is a finance professional with over 17 years of experience in investment banking and capital markets across Southeast Asia. Since joining Fortman Cline in 2008, she has closed over $6 billion in transactions and currently manages relationships with the firm’s key clients.
Fortress Capital is likewise controlled by Ibasco and Cheng, who each hold a 47.5 percent stake in the company, while Tan and Michael Cuyegkeng Tiutan hold 2.5 percent each.
To accommodate the fresh investments, ABS-CBN stated it will issue 1.64 billion new common shares out of a planned capital stock expansion. The total ₱6-billion capital infusion comprises ₱3.5 billion from I&C, ₱2.2 billion from three branches of the Lopez family led by Eugenio Lopez III, and ₱300 million from Lopez Inc.
Based on ABS-CBN’s existing outstanding capital of 899.85 million shares, the expanded base will reach 2.54 billion shares. I&C will hold approximately 958.9 million shares—a 37.7 percent stake—making it the second-largest shareholder behind the Lopez family.
InsiderPH first reported that I&C Holdings is controlled by bankers from Fortman Cline Capital Markets.

Related Tags

ABS-CBN Corporation Eugenio L. Lopez III Fortman Cline Capital Markets Daniel D. Ibasco Gary P. Cheng Clarisse T. Tan Michael C. Tiutan
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