scorecardresearch
Friday, September 27, 2024
Support Our Journalism
HomeANI Press ReleasesAyala to increase stake in the ubiquitous GCash

Ayala to increase stake in the ubiquitous GCash

Follow Us :
Text Size:

PRNewswire

Manila [Philippines], August 2: Ayala Corporation, through its wholly-owned subsidiary AC Ventures Holding Corp. (“ACV”), will be increasing its ownership stake in Globe Fintech Innovations, Inc. (“Mynt”), the parent company of the #1 finance super app and digital cashless ecosystem in the Philippines.

In a disclosure released Thursday, Ayala announced that ACV signed a definitive agreement to acquire common shares from existing shareholders equivalent to an additional ~8 per cent ownership stake in Mynt for approximately ₱22.9 billion. This transaction values Mynt at approximately ₱286.4 billion and increases Ayala’s ownership in Mynt to ~13 per cent.

Ayala’s proposed increased investment in Mynt is part of its initiative to reallocate capital to clear business winners.

The increased stake in Mynt allows Ayala to benefit from GCash’s strong long-term growth potential. The GCash platform, already dominant in the Philippines, has significant upside from untapped market opportunities. Mynt recorded net income of ₱6.7bn in 2023, thrice of what it was the previous year.

“We like the long-term growth prospects of Mynt. It is a clear leader in a fast growing space and a key contributor to the Philippines’ economic growth. Mynt enables underserved Filipino consumer and business segments to thrive, ” said Cezar Consing, President & CEO of Ayala Corporation.

About Ayala Corporation

For 190 years, Ayala Corporation has been building businesses that enable people to thrive.

As one of the largest and most enduring conglomerates in the Philippines, Ayala has established meaningful presence in real estate, banking, telecommunications, and renewable energy. It likewise has a growing presence in healthcare, logistics, mobility, fintech as well as investments in industrial technologies, education, and technology ventures.

Ayala manages its corporate social responsibility initiatives through Ayala Foundation.

About Mynt

Mynt is the first and only USD 5 billion unicorn in the Philippines. It’s a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology.  Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance Super App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)

This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.

Subscribe to our channels on YouTube, Telegram & WhatsApp

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

  • Tags

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular