Ayala firms up 13% stake in GCash, in talks with buyer

Ayala Corp. (AC) continues to engage a potential buyer of part of its stake in fintech unicorn Mynt, operator of popular e-wallet brand GCash, which has increased to 13 percent through a P22.4 billion share purchase deal.

On Tuesday, the Zobel family-led group said it has closed the transaction that was announced last Aug. 1 and involves the acquisition of an additional 8-percent stake in Mynt through AC Ventures Holdings Inc.

This entailed subscription to 157.62 million common shares in Mynt priced at P141.836 each.

READ: GCash IPO prospects rise with $5B valuation

Meanwhile, Ayala reiterated that it was in talks with a “strategic investor which has expressed interest in acquiring a portion of its ownership stake in Mynt subject to completing due diligence and receiving its approvals.”

The company had stated this as early as when it disclosed the acquisition of more shares in Mynt.

“The increased stake in Mynt allows AC to further benefit from GCash’s success and strong long-term growth potential,” the listed company said in its disclosure dated Aug 20. AC also said that its strategic priority is to “rationalize its portfolio and reallocate capital to clear business winners.”

MUFG Bank Ltd., Japan’s largest bank, also infused $393 million into Mynt, representing an 8-percent stake.

These fundraising activities boosted the valuation of GCash to $5 billion, the first unicorn in the country to do so. Analysts said this could make the company more attractive to investors if and when it decided to finally go public. INQ