ABS-CBN Corporation is set to expand its board of directors to provide seats for investors driving its ongoing recapitalization, according to its latest preliminary information statement.
The media company plans to increase its board slots from seven to nine. The proposed expansion aims to “accommodate representatives of additional subscribers to the capital stock.”
While the document notes that two new directors will fill the positions, the identity of the upcoming nominees has not been revealed.
The incoming board representation follows a ₱5.7-billion capital injection into the firm. I&C Holdings Corporation leads the investment group with a ₱3.5-billion stake. ABS-CBN described I&C Holdings as a 100% Filipino-owned investment vehicle focused on long-term corporate turnarounds.
The remaining ₱2.2 billion in shares will be subscribed by Lopez Inc., alongside Crème Investment Corporation, Mantes Corporation, and Presta Holding Company Inc.—three entities linked to former ABS-CBN Foundation Chairman Eugenio “Gabby” Lopez III and his siblings.
This subscription follows the Lopez siblings’ recent divestment of their 25.68% stake in Lopez Inc. to San Miguel Corporation Chairman Ramon S. Ang, effectively shifting their holdings directly into the media network.
ABS-CBN’s shareholders will vote on the proposed board expansion during a special meeting on September 30. Stockholders will also consider tripling the company’s authorized capital stock from ₱1.5 billion to ₱4.5 billion, expanding its common shares from 1.3 billion to 4.3 billion to facilitate the new subscriptions.
The network’s existing seven-member board—elected on August 19—comprises Chairman Mark Lopez, President and CEO Carlo Katigbak, Lopez Inc. President Federico “Piki” Lopez, former ABS-CBN Global COO Rafael Lopez, former CEO Charo Santos-Concio, and independent directors Monico Jacob and Honorio Poblador IV.