Greenergy acquiring majority stake in ABS-CBN fintech subsidiary

ABS-CBN News

[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. &quot;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,&quot; 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.&quot;We develop and provide mobile payment and technology solutions and services,&quot; U-Pay said on its website. Last week, Singaporean payments firm <a href="https://news.abs-cbn.com/business/02/18/21/greenergy-ties-up-with-sg-payments-firm-to-venture-into-virtual-credit-cards-remittances">Aleta</a> Planet said it was eyeing a partnership with Greenergy to venture into &quot;virtual credit cards&quot; in the Philippines and cross-border money remittances.Greenergy said the proposed partnership is in tune with Tiu&#x27;s vision of creating &quot;a seamless e-commerce landscape&quot; through fintech to help link agriculture stakeholders to &quot;global opportunities.&quot;news.abs-cbn.com is the general news website of ABS-CBN Corp.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/05/21/antonio-tius-greenergy-beefs-up-makati-subway-project">Antonio Tiu&#x27;s Greenergy beefs up Makati subway project</a></li>	<li><a href="https://news.abs-cbn.com/business/02/05/21/aiming-high-firm-wants-to-bring-cannabis-medical-oil-to-ph-counts-on-legislation">Aiming high? Firm wants to bring cannabis medical oil to PH, counts on legislation</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/ptAU_IEEop4?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

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.

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.

Greenergy acquiring majority stake in ABS-CBN fintech subsidiary | ABS-CBN

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Greenergy acquiring majority stake in ABS-CBN fintech subsidiary

Greenergy acquiring majority stake in ABS-CBN fintech subsidiary

ABS-CBN News

Published Mar 01, 2021 03:26 PM PHT

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Greenergy

iBayad

U-Pay

Antonio Tiu

Tony Tiu

fintech

digital payments

Aleta Planet

e-commerce

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