ABS-CBN sells stake in fintech

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    ABS-CBN Corp. is selling its stake in digital commerce and payment service provider U-Pay Digital Technologies, Inc. (U-Pay) to semiconductor firm Greenergy Holdings Inc. (GHI).

    ABS-CBN, GHI and iBayad Online Ventures Inc. (iBayad) have executed a legally binding term sheet for the acquisition by GHI of 51 million fully-paid common shares of U-Pay from ABS-CBN.

    The transaction would result in GHI owning 51 percent of the outstanding capital stock of U-Pay, according to ABS-CBN disclosure at the Philippine Stock Exchange.

    U-Pay is a joint venture company between ABS-CBN and iBayad, formed in 2019 as a fintech company engaged in the business of customer and merchant e-wallet/e-money services and other related services.