{"id":6845,"date":"2024-08-02T14:14:03","date_gmt":"2024-08-02T07:14:03","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=6845"},"modified":"2024-08-02T14:14:03","modified_gmt":"2024-08-02T07:14:03","slug":"ayala-to-increase-stake-in-the-ubiquitous-gcash","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=6845","title":{"rendered":"Ayala to increase stake in the ubiquitous GCash"},"content":{"rendered":"

MANILA, Philippines<\/span><\/span>, Aug. 2, 2024<\/span><\/span> \/PRNewswire\/ — 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<\/span>.<\/p>\n

\n<\/div>\n

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% ownership stake in Mynt for approximately \u20b122.9 billion. This transaction values Mynt at approximately \u20b1286.4 billion and increases Ayala’s ownership in Mynt to ~13%.<\/p>\n

Ayala’s proposed increased investment in Mynt is part of its initiative to reallocate capital to clear business winners.<\/p>\n

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<\/span>, has significant upside from untapped market opportunities. Mynt recorded net income of \u20b16.7bn in 2023, thrice of what it was the previous year.<\/p>\n

“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’<\/span> economic growth. Mynt enables underserved Filipino consumer and business segments to thrive,\u00a0” said Cezar Consing<\/span>, President & CEO of Ayala Corporation.<\/p>\n

About Ayala Corporation <\/p>\n

For 190 years, Ayala Corporation has been building businesses that enable people to thrive.<\/p>\n

As one of the largest and most enduring conglomerates in the Philippines<\/span>, 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.<\/p>\n

Ayala manages its corporate social responsibility initiatives through Ayala Foundation.<\/p>\n

About Mynt<\/p>\n

Mynt is the first and only $5 billion<\/span> unicorn in the Philippines<\/span>. It’s a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology.\u00a0 Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash \u2014 the #1 Finance Super App in the Philippines<\/span>, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

<\/p>\n

MANILA, Philippines<\/span><\/span>, Aug. 2, 2024<\/span><\/span> \/PRNewswire\/ — 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<\/span>.<\/p>\n

\n<\/div>\n

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% ownership stake in Mynt for approximately \u20b122.9 billion. This transaction values Mynt at approximately \u20b1286.4 billion and increases Ayala’s ownership in Mynt to ~13%.<\/p>\n

Ayala’s proposed increased investment in Mynt is part of its initiative to reallocate capital to clear business winners.<\/p>\n

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<\/span>, has significant upside from untapped market opportunities. Mynt recorded net income of \u20b16.7bn in 2023, thrice of what it was the previous year.<\/p>\n

“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’<\/span> economic growth. Mynt enables underserved Filipino consumer and business segments to thrive,\u00a0” said Cezar Consing<\/span>, President & CEO of Ayala Corporation.<\/p>\n

About Ayala Corporation <\/p>\n

For 190 years, Ayala Corporation has been building businesses that enable people to thrive.<\/p>\n

As one of the largest and most enduring conglomerates in the Philippines<\/span>, 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.<\/p>\n

Ayala manages its corporate social responsibility initiatives through Ayala Foundation.<\/p>\n

About Mynt<\/p>\n

Mynt is the first and only $5 billion<\/span> unicorn in the Philippines<\/span>. It’s a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology.\u00a0 Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash \u2014 the #1 Finance Super App in the Philippines<\/span>, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.<\/p>\n

\n<\/div>\n

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