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ABS-CBNCorporation
@
Sgt.EsguenaAvenue,QuezonCity, Philippines
ABS.CE]N
M a y1 1 , 2 0 1 5
PhilippineDealing& ExchangeCorporation
37'nFloor,Tower l, The EnterpriseCenter
6766 AyalaAvenuecornerPaseode Roxas
MakatiCity
Attention:
Ms. Vina VanessaS. Salonga
Head- IssuerComplianceandDisclosureDepartment
Re: Clarification of NewsReport
DearMs. Salonga:
We write in reply to the Exchange'srequestfor confirmationon the newsarticleentitled"ABS-CBN
plans P7.5-B Hollywood-stylestudios"postedonline on Manila Bulletin on May 10, 2015. The
articlereportedin part that: .
"The investment
for the Hollywood-stylestudiosthat the listed broadcastinggiant ABS-CBNCorp. is
planning to build in Bulacan could go as high as P7.5 billion, which will likely consumemost of the
company'scapital spendingup to 2016.
ABS-CBNis planning to build 10 soundstagesin a IS-hectareproperty in Bulacan in order to reduce
its production cost as well as improve the quality of ils television shows.
The broadcastfirm already disclosed in 2013 that it would invest as much as P6 billion for the
constructionofthe soundstages.
But in a recentinterview,ABS-CBNGroup Chief executiveOfricer Ron Valduezasaid the investrnent
of the companyfor thefacility could go as high as P7.5 billion becauseeachsoundstagewould cost
aroundP750 million, including the land whereit will be set up."
We wish to clarif, that Mr. Valduezamentioneda figure of P 750 million for 2 soundstages
which
would include the cost of land development. However, please note that the exact cost of the
soundstages
are estimatesbasedon certainspecifications
and assumptions
on the cost of planning,
designingand constructingeachsoundstage.The final cost may vary as specifications,
pricesand
timing of constructionof eachsoundstage
may change.
Thankyou.
Verytrulvvours.
'l
CfX*
*1
ConnienanaagI
CorRoratf
Information
Officer
-Deputy
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