Ayala to increase stake in the ubiquitous GCash
Aug 02, 2024
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.
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