2 days ago
2
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Elijah Felice Rosales - The Philippine Star
June 4, 2025 | 12:00am
Mynt’s board of directors yesterday approved the amendment in the company’s number of shares and their par value to 71.66 billion common shares for P0.03 a piece, from 2.15 billion common shares for P1 each.
Photo Release
MANILA, Philippines — Globe Fintech Innovations Inc. (Mynt), the parent company of e-wallet giant GCash, has cut its share price ahead of what could be the biggest initial public offering (IPO) at the Philippine Stock Exchange (PSE).
Mynt’s board of directors yesterday approved the amendment in the company’s number of shares and their par value to 71.66 billion common shares for P0.03 a piece, from 2.15 billion common shares for P1 each.
In spite of this, Mynt is keeping its authorized capital stock unchanged at P2.15 billion.
The company is now waiting for the Securities and Exchange Commission to approve the amendment in its share prices. Mynt made no explanation as to why it modified the value of its shares, but it is no secret that the company is gearing up to file an IPO for GCash.
Regina Capital Development Corp. head of sales Luis Limlingan said what Mynt did was a stock split. By cutting share prices, the company is presenting itself as an affordable pick for investors.
“Theoretically, stock splits do not alter the company’s value, but may alter perception by making the stock more liquid and affordable to investors,” Limlingan told The STAR.
“If there is another underlying reason (for the stock split), we can only speculate,” he added.
In April, Globe Telecom Inc. chief finance officer Juan Carlo Puno said GCash is waiting for the best timing before pushing ahead with its plan to go public.
At that time, Puno said the global economy was faced with risks after US President Donald Trump hiked tariffs on all imports. The Philippines was slapped with a 17-percent tax on exports to the US, although Trump suspended the tariff increases for 90 days.
Puno said the development might impact the interest in GCash, and the e-wallet wants maximum value in its IPO debut. As such, Puno believes it is best for GCash to sit and wait to evaluate first how the tariffs would impact the capital market.
GCash is expected to make the largest IPO in PSE history after increasing its value to $5 billion last year following the injection of fresh funds from Japanese financier Mitsubishi UFJ Financial Group.
GCash generated P3.8 billion in equity for Globe in 2024, up by 58 percent from P2.4 billion in 2023, as the e-wallet made up 12 percent of the telco’s pre-tax profit.
