GCash parent raises stake in AB Capital

Globe Fintech In-novations Inc. (Mynt), the par-ent company of leading e-wallet GCash, has secured a 16-percent stake of AB Capital Securities Inc. (ABSCI), the stock broking arm of investment house AB Capital and Investment Corp.

- By DEXTER BARRO II

In its annual report to the Phil-ippine Stock Exchange (PSE), Globe Telecom Inc. disclosed that Mynt entered into a definitive agreement with the AB Capital Group in 2023 to acquire a 50 percent stake in ABSCI.

In September of the same year, Globe said Mynt had closed the first investment tranche for an initial 7.5 percent, amounting to P37.50 million.

As of Dec. 31, 2024, Mynt has since sealed the second investment tranche, now owning a 16-percent stake in ABSCI.

Based on Mynt’s initial purchase, ABSCI’s full valuation stands at approximately P500 million.