Business

ABS-CBN sells fintech firm to Greenergy

Lopez-led ABS-CBN Corp. has relinquished its 51 percent stake infintech company U-Pay Digital Technologies Inc.

ABS-CBN Corp. agreed to sell its shares to Chinese-Filipino businessman Antonio Tiu’s Greenergy Holdings Inc. for P54 million.

The execution of the term sheet is subject to a satisfactory legal, financial and environmental, social and governance due diligence by Greenenergy.

GHI has 45 days from execution of the term sheet to complete the due diligence.

U-Pay is a fintech company engaged in the business of customer and merchant e-wallet/e-money services and other related services, operating a platform therefor, as well as advertising, producing, distributing, and marketing products and services that are connected to the operations of said business.

It has a Type “C” E-money issuer license issued by the Bangko Sentral ng Pilipinas and duly registered to operate as a remittance and transfer company.

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