Bilyonaryo - Business

Prime Media bolsters financial position with entry of new investors

June 9, 2023

Bilyonaryo.com

Prime Media Holdings Inc. is set to receive a significant infusion of capital with the entry of two new investors.

Angel Maple Properties Inc. and Cymac Holdings Corp., led by Anthony Te, have committed to subscribing to a total of 150 million unissued common shares of Prime Media at P2.70 per share or a total of P405 million.

Under the agreement, Angel Maple will acquire 125 million shares, representing a 14.7 percent stake in Prime Media, while Cymac will obtain 25 million shares, giving them a 2.94 percent ownership.

The transaction is expected to be completed by June 30, subject to the payment of the consideration in cash.

The infusion of funds from these new investors will provide Prime Media with a strengthened financial position, enabling the company to enhance its working capital, pursue future investments, and support its joint venture with the Lopez family’s ABS-CBN Corp. through capital contributions.

Additionally, Prime Media intends to allocate a portion of the funds as a loan to subsidiary Philippine Collective Media Corporation.

Recognizing the strategic value of these investments, Prime Media emphasized that both Angel Maple Properties Inc. and Cymac Holdings Corp. possess the financial capacity and business acumen to provide invaluable support in driving the company’s expansion into the media and entertainment sector.

The investment also allows these investors to diversify their respective portfolios and capture potential capital appreciation opportunities.

Related News Tags: Angel Maple Properties Inc., Anthony Te, Cymac Holdings Corp., Prime Media Holdings Inc.

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