ABS-CBN Corp. has revised its planned increase in authorized capital stock, raising the number of preferred shares to be authorized to 1.3 billion as the company prepares to accommodate new subscriptions.
In a disclosure to the stock exchange on Wednesday, the media firm said that its board had amended its Aug. 19, 2026 resolutions covering the increase in authorized capital stock.
“The increase in the authorized capital stock remains unchanged, but the number of preferred shares will be increased from 1,000,000,000 to 1,300,000,000, while the increase in the number of common shares will be adjusted accordingly,” ABS-CBN said.
The company added that the amendment was aimed at accommodating new subscriptions from I&C Holdings Corp., Lopez Inc., Crème Investment Corp., Mantes Corp., and Presta Holdings Co. Inc.
The total authorized capital stock increase remains at P4.5 billion from the current P1.5 billion.
However, the proposed number of preferred shares was raised to 1.3 billion from 1 billion, while the number of common shares was adjusted to 4.24 billion from the previously proposed 4.3 billion.
The preferred shares will carry a par value of P0.20 each, while the common shares will have a par value of P1 apiece.
ABS-CBN said proceeds from the subscriptions would be used for general corporate purposes.
Aside from the capital restructuring, the company is also seeking to expand its board from seven to nine directors.
The proposed amendments to the articles of incorporation, including the capital stock increase and election of two additional directors, will be presented to shareholders at a special meeting scheduled for Sept. 30, 2026.
The proposed amendments remain subject to stockholder and Securities and Exchange Commission (SEC) approval.
ABS-CBN said the expected dates for filing the amended articles with the SEC and securing regulatory approval are still to be determined.
ABS-CBN’s share price fell by a centavo to close at P3.64 each on Wednesday.
