PLDT unit takes full control of MultiPay
PLDT Inc. subsidiary DigiCo now fully owns e-payment solutions provider Multipay Corp. after concluding the P250-million purchase deal, expanding its portfolio of digital financial platforms.
On Friday, the Pangilinan-led company announced that it had acquired 903,000 common shares in the digital payment unit of Mulitsys Technologies Corp. for P276.85 each.
The amount, estimated based on Multipay’s business valuation using financial projections and future cash flows, was paid on Aug. 1.
The board of directors approved the deal on July 19.
The transaction was concluded after the completion of a due diligence review, securing of international corporate approvals and execution of definitive agreements.
The telco giant said the acquisition would “allow PLDT to diversify its services, expand its customer base, and create a comprehensive digital ecosystem, enhancing its value proposition and generating new revenue streams.”
Multisys is 46-percent owned by PLDT via its unit PLDT Global Investments Holdings Inc. Tycoon Manuel Pangilinan serves as chair of Multisys, DigiCo and PLDT.
Prior to this, DigiCo completed the 10-percent stake acquisition in bills payment provider CIS Bayad Center Inc., which is controlled by another Pangilinan-led company, Manila Electric Co. (Meralco).
The P320-million deal involved the purchase of 56,105 common shares for P5,703.59 apiece.
PLDT holds a 60-percent stake in DigiCo. Meralco owns 20 percent while Metro Pacific Investments Corp. owns the remaining 20 percent.
Formally known as Limitless Growth Ventures Inc., DigiCo was launched back in March.
DigiCo chief commercial officer Kat Luna-Abelarde had said the company was envisioned to “be ‘the app’ for all Filipinos—their default platform for bills, payments and rewards.”
