GLOBE Telecom, Inc., through Globe Fintech Innovations, Inc. (Mynt), said it had closed two investment tranches to acquire a stake in AB Capital Securities, Inc. (ABCSI).
“As of December 31, 2024, Mynt has closed the two investment tranches and currently owns 16% of ABCSI,” Globe said in a regulatory filing on Monday.
Mynt, the parent company of electronic wallet platform GCash, entered into a definitive agreement with ABCSI in September 2023 to acquire up to 50% of its equity.
GCash has over 94 million registered users.
The electronic wallet platform is also among the most anticipated initial public offerings. Globe President and Chief Executive Officer Ernest L. Cu has said the GCash IPO could target an $8-billion valuation and may happen by year-end.
GCash services are currently available in 16 markets, including the United States, the United Kingdom, the United Arab Emirates, Australia, Canada, Germany, Hong Kong, Italy, Japan, Saudi Arabia, Kuwait, Qatar, Singapore, South Korea, Spain, and Taiwan.
For 2024, Globe recorded a core net income of P21.5 billion, marking a 14% increase from P18.92 billion in 2023, driven by higher revenues.
The company reported a combined revenue of P165.02 billion, up 2% from P162.33 billion in 2023, supported by a 4% increase in mobile revenues, which rose to P116.71 billion.
Last year, Globe said its mobile subscriber base grew by 7% year on year to 60.9 million, while mobile data users increased by 3% to 37.4 million.
At the local bourse on Monday, shares in Globe fell by P8, or 0.38%, to close at P2,090 apiece. — Ashley Erika O. Jose
