FOLLOWING infighting between factions led Lopez family members Eugenio “Gabby” Lopez (left) and Piki Lopez (right), the family’s portfolio has been revamped, including the loss of a majority share in the clan’s broadcasting arm, ABS-CBN, and the sale of the elder Lopez’s shares in the family company to businessman Ramon S. Ang (right).
DAILY TRIBUNE images
The Lopez family’s direct stake in ABS-CBN Corp. through its parent company, Lopez Inc., will fall to 44.35 percent from 78.4 percent following a planned P6-billion capital infusion led by I&C Holdings Corp. and members of the Lopez family, according to company disclosures.
I&C Holdings, an investment vehicle linked to Fortman Cline Capital Markets, will invest P3.5 billion for a 27.06 percent stake in ABS-CBN. Members of the Lopez family will contribute a combined P2.2 billion through their respective holding companies, giving them a combined 17.02 percent direct interest. Lopez Inc. will provide the remaining P300 million.
The transaction will leave Lopez Inc. without a direct majority stake in ABS-CBN, although various Lopez family investment vehicles will retain a significant combined interest.
Crème Investment Corp., controlled by former ABS-CBN chairman Eugenio “Gabby” Lopez III, will increase its direct stake to 5.94 percent from 0.02 percent. Mantes Corp., led by current ABS-CBN chairman Martin L. Lopez, will hold a 5.93 percent stake, while Presta Holdings Co. will acquire a 5.15 percent interest.
The changes follow Crème Investment’s sale of its 25.68 percent stake in Lopez Inc. to businessman Ramon S. Ang. Mantes retains a 29.17 percent stake in Lopez Inc., while Presta holds 15.98 percent.
Other ABS-CBN shareholders will be diluted by the capital increase. ABS-CBN Holdings Corp.’s stake will decline to 2.59 percent from 4.83 percent, while the combined interest of minority and public shareholders will fall to 8.98 percent from 16.7 percent.
New capital structure
In a 9 September disclosure to the Philippine Stock Exchange, ABS-CBN noted its board approved amendments to its Articles of Incorporation to accommodate the new subscriptions and resulting changes in its capital structure.
The amended proposal keeps authorized capital stock at P4.5 billion but increases the authorized shares to 4.24 billion common shares and 1.3 billion preferred shares, from the previously proposed 4.3 billion common shares and 1 billion preferred shares. The company currently has 1.3 billion authorized common shares and 1 billion preferred shares, with an aggregate par value of P1.5 billion.
ABS-CBN said the 9 September filing was not a new capital-raising transaction but a subsequent corporate action related to the previously announced infusion. The amendments and the election of two additional directors will be presented at a special stockholders’ meeting on September 30, 2026. The board is seeking to increase the number of directors from seven to nine.
The infusion is intended to help ABS-CBN meet employee obligations and finance operations and turnaround efforts following the loss of its terrestrial broadcast franchise. Gabby Lopez said the family’s direct investments reflected a multigenerational commitment to the company and its legacy liabilities.
The transaction remains subject to definitive agreements and required corporate and shareholder approvals.
