Business

Philippines’ Globe Telecom moves ahead with Mynt IPO-related filings

Read a summary of this article on FAST.

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

June 17 : Philippines-based communications firm Globe Telecom said on Wednesday its board approved two filings related to the proposed initial public offering of its e-wallet unit Mynt with the Securities and Exchange Commission and the local stock exchange.

Here are some more details:

• Globe Telecom approved filing a registration statement with the Philippine SEC and a listing application with the Philippine Stock Exchange.

• The offering is expected to represent about 12 per cent of Mynt’s outstanding shares post-IPO.

Show More

Show Less

• Shares will have a par value of 0.03 pesos each.

• The shares will consist of both primary and secondary offers.

• Mynt, which operates the country’s top e-wallet GCash, aims to raise around $1 billion and is seeking a valuation of at least $8 billion, Reuters reported in May.

• The offering, if completed at that size, would rival the roughly $1 billion raised by food company Monde Nissin in 2021, the Philippines’ largest IPO to date.

• In a separate statement, Mynt said its board and shareholders also authorised the two filings.

Source: Reuters

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

About The Author

admin

See author's posts