13/10/2021
Premiere Horizon Alliance's [PHA 1.11] disclosure said that SquidPay gave PHA 60% of SquidPay’s P900m obligation to obtain a 60% stake in Philstar Development Bank, the subsidiary of a subsidiary of AbaCore Holdings [ABA 1.08 4.85%]. As the disclosure notes, the assignment just makes PHA a formal party to the memorandum of agreement between SquidPay and Philstar Development Bank. Instead of SquidPay giving Philstar Development Bank P900m for a 60% stake, now PHA will step into SquidPay’s shoes to pay P600m to Philstar Development Bank for a 40% stake, with SquidPay still holding 20%.
The purpose of the venture is to “target the ever-growing need for cashless payments”, and PHA said that this investment was aligned with its “vision of countryside development and financial inclusivity”