Pangilinan group looking to increase stake in Maya
BUSINESSMAN Manuel V. Pangilinan said his group is looking to increase its stake in financial technology company Maya Bank, Inc.
“We’d like to, if we can. We’re talking to KKR about that. But that’s all I can say at this stage,” Mr. Pangilinan told reporters on the sidelines of a signing event in Pasig City on Monday.
“I’m meeting them (global investment company KKR) next week. I’ve gotten some rumors about values, but I don’t know. We’re participating in the purchase of the total of 80%. We’ll probably pick 30%,” he added.
He said that KKR’s sale and his group’s plan to increase ownership could be finalized by the middle of the year.
“If we agree on the price and the process, because I don’t know who the bidders are. We’re picking up some noises, some names. Hopefully, middle of the year,” he said.
In January, KKR tapped Goldman Sachs for the possible sale of its minority stake in Maya.
KKR owns more than 20% of Maya. Once the potential sale is completed, Maya’s value could exceed $2 billion.
Maya is owned by Voyager Innovations, Inc. Pangilinan-led telecommunications company PLDT Inc. is Voyager’s main shareholder.
Other existing Maya investors include Tencent Holdings Ltd., International Finance Corp. (IFC), IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, and First Pacific Co. Ltd.
First Pacific has a 25.6% interest in PLDT, the largest shareholder in Maya.
Maya Bank disbursed P68 billion in loans and recorded P39 billion in deposits last year.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
