ABS-CBN and TV5 announced that they have mutually agreed to terminate their investment deal and the Sky Cable-Cignal Cable sale and purchase agreement.
In addition, both ABS-CBN and TV5 confirmed that they have not implemented any of the transactions covered by the Sale and Purchase Agreement and the Debt Instruments Agreement.
In the official statement, it party reads:
“In disclosures to both the Philippine Stock Exchange and the Securities Exchange Commission today, Sky Vision Corporation (“Sky Vision”), ABS-CBN Corporation, Lopez, Inc., and Cignal Cable Corporation (“Cignal Cable”) announced that they have mutually agreed to terminate the Sale and Purchase Agreement dated 10 August 2022 covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corporation and the Debt Instruments Agreement dated 10 August 2022 covering the proposed subscription by Cignal Cable to an Exchangeable Debt Instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a Convertible Note issued by Sky Cable.”
Here is the full statement:
(Photo source: ABS-CBN / TV5)
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