Friday, 26 April 2024
IFC and IFC Emerging Asia Fund to invest $40 million in PLDT’s Voyager Innovations to promote financial inclusion
PLDT Inc., a telecommunications and digital services provider in the Philippines, 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 $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 a Philippine 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. 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,” said Manuel V. Pangilinan, Chairman and CEO of PLDT and Smart Communications.
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.”
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 $175 million to $215 million, as announced. The combined investment continues to make this fund raise one of the largest investment at present for 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.
Re-disseminated by The Asian Banker
