By Nermeen Nabil Khear 
Ayala Corp. will get at the very least P18.4 billion from promoting half of its shareholding in in style e-wallet GCash in a cope with Japan’s Mitsubishi Corp., in response to a inventory trade submitting on Friday, October 18, 2024. Ayala stated Mitshubishi would get 50 p.c possession in AC Ventures Holdings Corp., which owns 13 p.c of fintech unicorn Mynt, which at present owns GCash operator G-Xchange Inc. and microlender Fuse Lending. INQUIRER FILE PHOTO
Zobel family-led Ayala Corp. will get at the very least P18.4 billion from promoting half of its shareholding in in style e-wallet GCash in a cope with Japan’s Mitsubishi Corp.
In a inventory trade submitting on Friday, Ayala stated Mitshubishi would get 50 p.c possession in AC Ventures Holdings Corp., which owns 13 p.c of fintech unicorn Mynt.
Mynt at present owns GCash operator G-Xchange Inc. and microlender Fuse Lending.
“We imagine Mitsubishi can add significant worth to Mynt, which can enable Mynt to ship vital worth to its over 94 million registered customers,” Ayala President and CEO Cezar Consing stated in a press release.
READ: GCash now prefers PSE to Wall Street debut
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Ayala first introduced plans in August to have interaction a “strategic investor” that might additional enhance the success of GCash, which gained a lot reputation throughout the pandemic lockdown.
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In the identical month, the nation’s oldest conglomerate injected P22.4 billion in Mynt to extend its shareholding within the Globe Group’s fintech arm.
READ: Ayala firms up 13% stake in GCash, in talks with buyer
MUFG Financial institution Ltd., Japan’s largest financial institution, likewise infused $393 million into Mynt, representing an eight-percent stake.
General, these two fundraising actions valued GCash, which has but to make its inventory market debut, at $5 billion.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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