[embed composite -- Greenergy/U-Pay ]
MANILA - Greenergy Holdings is acquiring a majority stake in a fintech subsidiary of ABS-CBN Corp, the Antonio Tiu-led company disclosed to the stock market on Monday.
Greenergy said it has executed a legally binding term-sheet agreement with ABS-CBN and iBayad Online Ventures to acquire 51 million fully-paid common shares of U-Pay Digital Technologies Inc. from ABS-CBN.
ABS-CBN Corp confirmed the transaction in a separate disclosure.
U-Pay is a joint venture company between ABS-CBN and iBayad.
The transaction would give Greenergy ownership of 51 percent of the outstanding capital stock of U-Pay.
"Under the Term Sheet, the execution of the definitive agreements is conditioned on a satisfactory legal, financial and environmental, social and governance due diligence by GHI. GHI is given forty-five (45) days from execution of the Term Sheet within which to complete the due diligence," Greenergy said in its disclosure.
The transaction is also subject to approvals of pertinent government authorities, the firm added.
U-Pay is a fintech player that provides e-commerce and digital payments services, and is duly registered to operate as a remittance and transfer company.
"We develop and provide mobile payment and technology solutions and services," U-Pay said on its website.
Last week, Singaporean payments firm Aleta Planet said it was eyeing a partnership with Greenergy to venture into "virtual credit cards" in the Philippines and cross-border money remittances.
Greenergy said the proposed partnership is in tune with Tiu's vision of creating "a seamless e-commerce landscape" through fintech to help link agriculture stakeholders to "global opportunities."
news.abs-cbn.com is the general news website of ABS-CBN Corp.