MANILA -- ABS-CBN Corp. is in talks with various entities to raise funds for its investments for digital television migration and other initiatives, executives said on Tuesday.
"We continue to review our options... we're doing exploratory talks... we're talking to a lot groups, not just banks [and] it can be a combination of equity or debt," Rolando Valdueza, ABS-CBN's chief financial officer, said in a press conference following the firm's annual stockholders' meeting.
But Valdueza said it is still uncertain if the fundraising efforts will take place this year or the next.
"No final decision yet or timetable for this," Valdueza said.
When asked if there is a possibility a new investor will come in, ABS-CBN Chairman Eugenio Lopez III said "Yes." But he quickly said "No" when asked if the Ayala group is one of the possible investors being talked to.
Lopez said proceeds will be used to fund company initiatives such as the migration to digital television and other projects.
"We have several program initiatives that we are going to undertake [and] one of them is the digital terrestrial television which we expect the government to approve the technology choice in the coming months," Lopez said in the same briefing.
"There are other major initiatives that have to do with our digital online programs but we are not liberty today to divulge what that is," he continued.
Lopez said the firm will be formally announcing some of these initiatives in three months.