ABS-CBN Broadcasting Corporation on Friday said it plans to raise money next year to finance the construction of a Hollywood-style studio in the northern part of Metro Manila.
In a disclosure to the Philippine Stock Exchange, the Lopez-owned broadcasting company said its board approved the issuance of P5 billion worth of retail bonds with an option to raise an additional P5 billion.
Out of the P5 billion that would be raised next year, P2 billion would be allotted for the construction of soundstages on a 15-hectare lot in Bulacan, said Melissa Ortiz, head of ABS-CBN investor relations.
The company had said it would invest P6 billion over the next three years for the construction of its soundstages. The network aims to save about 65-75 percent in shooting location costs with the construction of its soundstages.
Ortiz said the remaining money would be used for its inventory of programming content.
In a disclosure to the Philippine Stock Exchange, the Lopez-owned broadcasting company said its board approved the issuance of P5 billion worth of retail bonds with an option to raise an additional P5 billion.
Out of the P5 billion that would be raised next year, P2 billion would be allotted for the construction of soundstages on a 15-hectare lot in Bulacan, said Melissa Ortiz, head of ABS-CBN investor relations.
The company had said it would invest P6 billion over the next three years for the construction of its soundstages. The network aims to save about 65-75 percent in shooting location costs with the construction of its soundstages.
Ortiz said the remaining money would be used for its inventory of programming content.
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