Dela Cruz has signed a memorandum of agreement with PHA to buy 2.8 billion shares or 55 percent of the company for a total investment of P925 million.
PHA said Dela Cruz was buying the shares at 33 centavos each.
The deal was signed on October 29 and disclosed on October 30. Trading of PHA shares was suspended during Friday’s trading. It closed at 35.5 centavos the previous day.
Dela Cruz will pay P300 million in cash with the remaining P625 million to be paid over two years with either cash or shares of SquidPay Technology
Dela Cruz plans to make SquidPay, which currently provides the contactless fare collection system for public utility vehicles, a subsidiary of PHA.
PHA described SquidPay as “a rising payment solutions company that aims to provide a convenient electronic payment and collection system through the use of stored value cards and mobile applications.”
Dela Cruz is also the head of transportation app, U-Hop, the second largest Transport network company.