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Business

ABS-CBN, Greenergy execute share purchase agreement

Richmond Mercurio - The Philippine Star
ABS-CBN, Greenergy execute share purchase agreement
GHI, the listed holding company of agri-entrepreneur Antonio Tiu, will acquire ABS-CBN’s 51 million shares in U-Pay Digital Technologies Inc. for P51 million.
The STAR / Boy Santos, file

MANILA, Philippines — ABS-CBN Corp. has executed a share purchase agreement with Greenergy Holdings Inc. (GHI) for the latter’s acquisition of a majority stake in fintech company U-Pay Digital Technologies Inc.

GHI, the listed holding company of agri-entrepreneur Antonio Tiu, will acquire ABS-CBN’s 51 million shares in U-Pay Digital Technologies Inc. for P51 million.

U-Pay is a fintech company engaged in the business of customer and merchant e-wallet/e-money services and other related services.

The agreement also includes GHI paying additional consideration of P3 million for disbursement of fees and charges due on U-Pay’s government permits and licenses, reimbursement for the pre-operating expenses advanced by ABS-CBN to U-Pay, and assignment to U-Pay of ABS-CBN’s rights and interests to the marks and all other intellectual property rights created and developed by the media company.

ABS-CBN said the closing date of the transaction is subject to the completion of certain conditions, including the issuance by the Bangko Sentral ng Pilipinas of a letter of no objection to the acquisition of the shares, which shall not be later than Sept. 30.

ABS-CBN in March 2019 announced that it is making an investment in the customer and merchant e-wallet/e-market services business through a joint venture with information technology services company iBayad Online Ventures.

U-Pay has a Type “C” e-money issuer license issued by BSP and duly registered to operate as a remittance and transfer company.

With the non-renewal of its franchise last year, ABS-CBN earlier said it would focus on businesses that would generate growth in revenues.

GHI, for its part, had announced last February its venture into fintech service through a proposed collaboration with Aleta Planet, a Singapore-based member of UnionPay International, for the issuance of virtual cards, as well as the provision of cross-border money remittance services.

ABS-CBN CORP.
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