MANILA – Ayala Corporation, through its wholly-owned subsidiary AC Ventures Holding Corp. (ACV), is set to increase its ownership stake in Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, the leading 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, boosting its ownership stake in Mynt by approximately 8% for ₱22.9 billion. This transaction values Mynt at approximately ₱286.4 billion and increases Ayala’s ownership to around 13%.
The proposed investment is part of Ayala’s strategy to reallocate capital towards high-growth business ventures. The increased stake will enable Ayala to capitalize on GCash’s robust long-term growth potential. GCash, which already holds a dominant position in the Philippine market, has significant growth opportunities from untapped markets. Mynt reported a net income of ₱6.7 billion in 2023, tripling its earnings from 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.
Business News Asia