Greenergy Holdings Inc., a listed firm of businessman Antonio Tiu, has bought a controlling stake in the Lopez-owned financial technology company.
According to the company’s disclosure, Greenergy, ABS-CBN Corp. and iBayad Online Ventures Inc. executed a legally binding term sheet for the acquisition of 51 percent of the fintech company of the Lopez group.
Tiu has bought 51 percent of U-Pay Digital Technologies Inc. from ABS-CBN.
The deal will be completed after a due diligence by Greenergy, which has 45 days to do so. U-Pay is a joint venture company between ABS-CBN Corp. and iBayad Online Ventures, Inc. It is 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, it said.
Greenergy said on its website that it has investments in food and agriculture, fintech, biotechnology, green infrastructure projects, and renewable energy.