Shareholders greenlight ABS-CBN’s entry into food, cosmetics, ecommerce
Change isn’t always easy but sometimes necessary.
Given a highly competitive and rapidly shifting media landscape, the Lopez family’s ABS-CBN Corp. is building new revenue streams to ensure its continued growth.
ABS-CBN shareholders approved today the company’s diversification into the beauty, restaurant, and e-payment businesses.
For the e-wallet service, the media conglomerate is investing P51 million in a joint venture with iBayad Online Ventures.
The new corporation will have an initial capitalization of nitially P100 million.
The cosmetics venture, on the ther hand, will be in partnership with businessman Dioceldo Sy’s Ever Bilena.
ABS-CBN and Ever Bilena Cosmetics, Inc. are setting up a new company with an initial authorized capital of P10 million. The 50/50 joint venture shall engage in the business of production and sale of affordable and good quality cosmetic products.
ABS-CBN and Ever Bilena agreed to complete conceptualization and launch commercial operations in 54 to 76 weeks.
As for the food business, ABS-CBN shall form a new company to be called
The Chosen Bun Inc. which shall manufacture and package all kinds of food products and establish and operate, restaurants, coffee shops, and refreshments parlors.
Initially capitalized at P1 million, The Chosen Bun will offer healthy and affordable products.