Businessman Antonio L. Tiu, through his Greenergy Holdings Inc., has invested P54 million in ABS-CBN’s U-Pay Digital Technologies Inc. to hasten transformation into a financial technology (fintech) player.
Following the completion of its buyout of 51 million shares of U-Pay, listed Greenergy now holds 51 percent of the fintech firm.
“Greenergy paid P54 million or P51 million for the shares and an additional consideration of P3 million for charges due on U-Pay’s governmental permits and licenses,” the company said.
“Greenergy signed earlier an agreement with ABS-CBN and iBayad Online Ventures Inc. for the acquisition of 51 million fully paid common shares vi of U-Pay, which is an e-money issuer and remittance company duly licensed by the Bangko Sentral ng Pilipinas (BSP),” it added.
The closing date of the transaction is subject to the completion of conditions precedent to closing, including clearance from the BSP, which should be released before 30 September 2021.
U-Pay is a fintech company that offers e-wallet/e-money services. It is also involved in advertising, producing, distributing, and marketing products and services.
To recall, Greenergy has also partnered with DITO Telecommunity to attract more DITO mobile subscribers through its fintech services.