Greenergy Holdings Corp. Is expected to take a 51% stake in a financial technology company U-Pay Digital Technologies Inc. In a P54 million deal after buying out media giant ABS-CBN Corp.
Greenergy said on its website that it has investments in food and agriculture, fintech, biotechnology, green infrastructure projects, and renewable energy.
The companies disclosed the share purchase agreement in separate filings on Monday, August 2. This involved the acquisition of 51 million U-Pay shares at P1 each and another P3 million to cover reimbursement for pre-operating expenses.
The Bangko Sentral ng Pilipinas (BSP) will issue a letter of no objection on or before Sept. 30 this year.
U-Pay is a fintech company engaged in the business of the customer and merchant e-wallet/e-money services. It has a Type “C” E-Money Issuer license issued by BSP and is duly registered to operate as a remittance and transfer company. Before the acquisition, U-Pay was a partnership between ABS-CBN and iBayad Online Ventures Inc.
U-Pay is a platform that allows users to buy goods, pay bills, and send money. Merchant partners included utilities and banks like Globe Telecom, Manila Electric Co. And Metropolitan Bank & Trust.
ABS-CBN and iBayad formed a partnership in 2019 and agreed to invest an initial P100 million to establish a digital payments venture.