Connect with us

Hi, what are you looking for?

HEADLINES

IFC, IFC Emerging Asia Fund to invest US$40 million in  PLDT’s Voyager Innovations

PLDT Inc., the International Finance Corporation (IFC), and IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company (AMC), announced today the signing of agreements under which IFC and IFC Emerging Asia Fund will subscribe to a total of US$40 million worth of newly-issued shares in Voyager Innovations for a minority stake.

The investment is expected to help further expand financial inclusion in the country and promote the digital economy through broader use of digital payments. IFC and the IFC Emerging Asia Fund will join KKR and Tencent, which previously announced their investment, as investors in Voyager Innovations.

Voyager Innovations is the Philippines’ leading digital technology company.

“We at PLDT are quite happy to welcome the investment of the International Finance Corporation and the IFC Emerging Asia Fund in Voyager Innovations. In this undertaking, we are kindred spirits,” said Manuel V. Pangilinan, Chairman and CEO of PLDT and Smart Communications.  “Through its Global Innovative Retail Payments Program, IFC aims to make financial services much more accessible and affordable to the world’s low-income population by supporting innovative financial services. That is precisely the goal that PLDT is pursuing through Voyager’s platforms.” 

Orlando B. Vea, President and CEO of Voyager Innovations, said: “Our mission is to accelerate digital and financial inclusion in the Philippines, so all Filipinos can participate in the digital economy. IFC and IFC Emerging Asia Fund’s investment will enable us to scale up our efforts especially in the digital financial services space.”

Advertisement. Scroll to continue reading.

Upon the close of the investments of KKR, Tencent, IFC and IFC Emerging Asia Fund which is expected before the end of the year, PLDT’s ownership stake in Voyager Innovations will be less than 50% while still remaining as the single largest shareholder.

With these investments, the total new external funding raised by Voyager Innovations will increase from US$175 million, as announced in October 4, 2018, to US$215 million. The combined investment continues to make this fund raise the largest investment todate in a Philippine technology company.

Bank of America Merrill Lynch is acting as financial advisor to Voyager Innovations. Latham & Watkins and Picazo Buyco Tan Fider & Santos are acting as legal counsel to PLDT and Voyager Innovations. Goodwin Procter is acting as legal counsel to IFC and IFC Asset Management Company.

Advertisement
Advertisement
Advertisement

Like Us On Facebook

You May Also Like

HEADLINES

“Technology is the great equalizer,” said Stephanie V. Orlino, AVP and Head of Stakeholder Engagement at PLDT and Smart. Through AI, we’re creating a...

HEADLINES

“As the country’s fully integrated telecommunications and digital services provider, PLDT and Smart are uniquely positioned to enable the Philippines’ full digital journey from...

HEADLINES

Running until July 31, the TNT Anibersaya Raffle promo lets new and existing TNT subscribers to earn and accumulate raffle entries with every subscription...

HEADLINES

From expanding fiber reach to testing space-based internet solutions, the country’s leading telco group says it is fully aligning its network with the government’s...

HEADLINES

Given the Philippines’ archipelagic geography and rugged terrain, many areas stand to benefit more from wireless connectivity solutions than from traditional wired infrastructure, making...

HEADLINES

“These activities are vital in equipping our employees with the knowledge and confidence to respond effectively in emergencies,” said Engineer Kristine Gonzalez-Catague, Head of...

HEADLINES

Titled “Let’s TOK: Maximize the Content You Create on TikTok”, led by the company’s very own Gen Z employees, the event was designed to...

HEADLINES

PLDT and Smart provided communications support to the bootcamp and to the conference delegates. This aligns with THINKaMuna Pilipinas – the MIL initiative in...

Advertisement