ABS-CBN Broadcasting Corp. clarified yesterday that it has no intention to acquire parent firm Benpres Holdings Corp.’s stake of over 60 percent in Sky Cable. The broadcasting firm made the remark in a disclosure to the stock exchange in response to a newspaper report that said it is mulling the acquisition and that one of the options being considered is a share-swap agreement.
“ABS-CBN presently has no plans to acquire Benpres’ stake in Sky Cable, or increase its stake in Sky Cable or Beyond Cable Inc., other than in relation to the $30 million it invested in Beyond Cable in the form of a convertible debt instrument,” it told the stock exchange.
Beyond Cable is a joint venture between the Lopez group’s Sky Cable and Home Cable of the Philippine Long Distance Telephone Co. ABS-CBN said the $30 billion debt instrument will be converted into equity in Beyond Cable after two years. In a separate disclosure, Benpres said there has been no discussion on the reported acquisition.
