GCash readies IPO with stock split

Ayala Corp. reported that Globe Fintech Innovations Inc.—or Mynt, the owner of GCash—is undergoing a stock split that will result in a lower par value per share and increase its market appeal when it launches its initial public offering (IPO).

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), Ayala stated that the board of directors and shareholders of Mynt have approved the proposed stock split at a special board meeting and annual stockholders’ meeting.

The stock split will reduce the par value of Mynt’s common shares from P1.00 to P0.03 per share, thereby increasing the number of authorized common shares from 2.15 billion to 71.66 billion.