ABS-CBN, ibebenta isang bahagi ng QC property nito sa Ayala Land
- ABS-CBN has signed a deal with Ayala Land Inc. to sell 30,000 square meters of its Quezon City property for P6.2 billion
- The media company will retain the remaining 1.4 hectares of the property for its headquarters, including offices and production facilities
- The sale will be paid in installments, with proceeds earmarked to partially pay off ABS-CBN’s outstanding loans
- The deal is subject to certain conditions, including approval from the Philippine Competition Commission, if applicable
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ABS-CBN Corporation announced on Thursday that it has entered into an agreement with Ayala Land Inc. (ALI) for the sale of a portion of its property in Quezon City.
Source: Facebook
The Memorandum of Agreement, signed on February 27, 2025, outlines the sale of 30,000 square meters of ABS-CBN's total 44,027.30 square meter property.
The sale was valued at P6.2 billion, according to a disclosure made by ABS-CBN to the stock exchange.
Despite the sale, ABS-CBN’s headquarters, which includes various buildings and production facilities, will continue to operate, ABS-CBN reported.
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The company plans to consolidate its operations in the remaining portion of the property, retaining 1.4 hectares for its offices and studios.
"ABS-CBN will be consolidating its operations in the remaining 1.4 hectares of the Quezon City Property," the company stated.
The payment for the sale will be made in installments, and ABS-CBN plans to use the proceeds to partially pay off its outstanding loans.
"Proceeds of the sale of property will be used to partially pre-pay its outstanding bank loans," the company explained.
However, the deal is contingent upon several conditions, including obtaining a clearance from the Philippine Competition Commission, if necessary.
A report from ANC can be watched below:
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Source: KAMI.com.gh
