ABS-CBN Corp. on Friday announced it is venturing into cosmetics, food and electronic money businesses.
The multimedia company of the Lopez Group said it signed a joint venture with Ever Bilena Cosmetics Inc. to engage in the business of manufacturing, trading and sale of cosmetics, including purchase and importation of raw materials, finished goods, packaging materials and machinery and equipment necessary for the business.
The joint venture company will initially have an authorized capital stock of P10 million, with P1.25 million to be subscribed by ABS-CBN.
ABS-CBN and EBCI, which entered to a 50-50 joint venture, plans a commercial launch within 54 weeks to 76 weeks.
“The two industry leaders aim to provide consumers with cosmetic products that are affordable and with good quality,” ABS-CBN said.
ABS-CBN said the joint venture company will its own management, with EBCI providing support in product development, logistics and retail distribution.
The company also entered a joint venture with iBayad Online Ventures Inc. to engage in the business of customer and merchant e-wallet/e-money services and other related services, operating a platform, as well as advertising, producing, distributing and marketing products and services connected to the operations of the business.
The joint venture corporation will initially have an authorized capital stock of P100 million, with P51 million will be subscribed by ABS-CBN.
ABS-CBN will own 51 percent of the joint venture that will be incorporated while IBayad will hold the balance of 49 percent.
ABS-CBN is also investing in a wholly-owned subsidiary called The Chosen Bun Inc., which aims to raise, process, manufacture and package all kinds of food products.
The company plans to establish, operate, manage and maintain restaurants, coffee shops, and refreshments parlors, and serve, arrange and cater foods, drinks, refreshments and other foods or commodities.
The Chosen Bun will initially have an authorized capital stock of P1 million, with ABS-CBN subscribing P250,000.