The Manila Electric Company (Meralco) and Metro Pacific Investments Corporation (MPIC) have increased their investments in DigiCo, a digital company owned by the MVP Group.
In a disclosure to the Philippine Stock Exchange, PLDT Inc. said Meralco and MPIC each entered into separate subscription agreements with Digit for the subscription of an aggregate 570 million additional common shares in DigiCo.
As a result of the additional subscriptions, DigiCo is now 45 percent-owned by PLDT from 60 percent, 27.5 percent-owned by Meralco from 20 percent, and 27.5 percent-owned by MPIC from 20 percent.
Earlier, DigiCo acquired 56,105 common shares of Bayad from Corporate Information Solutions, Inc. for P320 million.
CIS, is a company controlled by Meralco.
DigiCo’s acquisition of Bayad will enable DigiCo to leverage its expertise and resources to support Bayad’s growth trajectory while exploring and unlocking synergies in the companies led by Manuel V. Pangilinan such as PLDT Inc., Meralco, and Metro Pacific Investments Corporation.
The acquisition makes available an additional payment gateway for the use of DigiCo, a subsidiary of PLDT.
DigiCo also executed an agreement to acquire 100 percent of Multipay, a wholly owned subsidiary of Multisys Technologies Corporation, whose strong relationship with various billers and digital payment channels is expected to complement and add value to an integrated payment platform’s capabilities.
