Globe Fintech Innovations Inc., the operator of mobile payments platform GCash, has announced that its board has approved a stock split—widely seen as a potential prelude to a future initial public offering (IPO).
The company said it will maintain its authorized capital stock at P2.15 billion, but will increase the number of shares to 71.66 billion by reducing the par value per share from P1 to P0.03. Stock splits are often used to increase share liquidity and affordability, particularly in preparation for public listing.
However, Globe Fintech has yet to confirm any concrete plans to go public.
“We will make the pertinent disclosure once the company has obtained the approval of the Securities and Exchange Commission,” said Marisalve Ciocson-Co, chief compliance officer and senior vice president for legal and compliance.
Globe Fintech, which operates under the name Mynt, is a joint venture between Ant Group—an affiliate of Alibaba Group and operator of the global digital payments platform Alipay; Ayala Corporation—one of the Philippines’ oldest and largest conglomerates; and Globe Telecom, via its corporate venture builder, 917 Ventures.
