Greenergy Holdings Inc. has sealed its investment in ABS-CBN’s U-Pay Digital Technologies Inc.
The company of Antonio Tiu earlier announced plans to acquire 51 million shares of stock of U-Pay, an e-money issuer and remittance company duly licensed by the Bangko Sentral ng Pilipinas from ABS-CBN, equivalent to a 51 percent stake in the fintech company.
Greenergy paid P54 million — P51 million for the shares and an additional P3 million for “fees and charges due on U-Pay’s governmental permits and licenses.”
“The acquisition of U-Pay strengthens Greenergy’s foray into the fintech space and is part of its overall pivot toward digital transformation that would enable its stakeholders and consumers to benefit from a financially inclusive ecosystem,” Tiu said.
