Lopez-led ABS-CBN Corp. may have scored big gains in its digital pivot but this was not enough to lure investors.
In a stock exchange filing, ABS-CBN said its principal shareholder, Lopez Inc. ended up buying all 21.32 million of the media firm’s treasury shares, and 11.51 million Philippine Depositary Receipts (PDRs) through a special block sale on Jan. 21.
Lopez Inc. acquired the shares and PDRs for P15.23 each l or a total of P500 million.
The price represents a 12 percent premium over the PSE closing price of ABS-CBN common shares on Jan. 20 and a 19% premium over their 30-day volume weighted average price.
Lopez Inc. committed to purchase up to P500 million worth of ABS-CBN shares and PDRs not taken up by institutional investors.
Proceeds from rhe sale will be used to bankroll ABS-CBN’s digital initiatives, beef up content and for other general corporate purposes.