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Globe Fintech Innovations, Inc. (Mynt) which owns top e-wallet GCash increased its stake in AB Capital Securities Inc. (ABCSI) to 16 percent as part of plans to acquire up to a 50 percent ownership in the stock brokerage firm.
In a disclosure to the Philippine Stock Exchange, the Globe Telecom said that, on September 8, 2023, Mynt entered into a definitive agreement with AB Capital & Investment Corporation to acquire up to a 50.0 percent equity stake in ABCSI.
As of December 31, 2024, Mynt has closed the two investment tranches and currently owns 16 percent of ABCI. It had initially acquired a 7.5 percent interest for P37.5 million.
In 2022, AB Capital Securities entered a partnership with GCash to enable their 80 million customers the ability to trade stocks online via their GStocks app, using a platform developed exclusively for AB Capital and the PSE.
The objective of this three-way partnership is to widen public ownership in listed Philippine companies and promote financial inclusion. As GCash’s broker partner, ABCSI provides the research content and online trading services for GStocks PH.
As of August last year, over 800,000 investors have already started trading in PSE-listed stocks using the GCash platform. The PSE said more retail traders created accounts to invest in the local bourse because GCash made stock trading more accessible.
During the stock of GStocks, GCash said it aimed to activate the untapped potential of the Philippine equities market as it will be able to introduce equities trading to its 66 million app users through the stock trading feature.
“Aside from making stock trading more accessible to Filipinos, this partnership aims to help ordinary Filipinos grow their wealth by offering them the opportunity to own shares of publicly listed Philippine companies. It’s next level accessibility, affordability, assistance, and experience,” said AB Capital Group Chairman and CEO Antonio Jose Periquet.
Meanwhile, PSE President and CEO Ramon S. Monzon said this partnership further modernizes Philippine stock trading and enable millions more Filipinos to become stock market investors, ultimately contributing to nation-building.
AB Capital and Investment Corporation board of directorsAB Capital and Investment Corporation is controlled by The Campden Hill Group, a privately held holding company, while its former majority owner, the Gaisano-led Viscal Investment Inc. remains a minority shareholder and partner.
Its board of directors includes Periquet and directors Frank Gaisano, Lance Gokongwei, Christoper Po, Enrique Razon, Lamberto Santos, and Michael Zalamea.
On the other hand, AB Capital Securities board includes Zalamea as chairman and Luis Miguel Aboitiz, Jan Lester Olano, Lamberto Santos Jr., Ma. Elena Morris, Mariana Ongpin, and Ericson Wee as directors.
