SEC clears GCash operator’s stock split

MANILA, Philippines — The parent firm of popular e-wallet GCash has received the approval of the Securities and Exchange Commission (SEC) for its stock split transaction – seen to be a prelude to a stock market debut.

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In a regulatory filing on Tuesday, Ayala-led Globe Telecom Inc. said the number of common shares of Globe Fintech Innovations Inc., or Mynt, was raised to 71.66 billion from 2.15 billion previously.

Its authorized capital stock remains at P2.15 billion, as the par value was cut to P0.03 per share from P1.

Analysts see this transaction as a way to increase interest in GCash’s much-anticipated stock market debut, which has yet to be finalized, since the split would make its shares more affordable for investors. /dda

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