ABS-CBN Corp. said Monday it sold its entire stake in a financial technology company to Greenergy Holdings Inc.
ABS-CBN said in a disclosure to the stock exchange it signed a legally binding term sheet with Greenergy and iBayad Online Ventures for the sale of 51-million fully-paid common shares in U-Pay Digital Technologies Inc.
The transaction would result in GHI owning 51 percent of the outstanding capital stock of U-Pay and iBayad having 49 percent.
“Under the term sheet, the execution of the definitive agreements is conditioned on a satisfactory legal, financial and environmental, social and governance due diligence by GHI,” ABS-CBN said.
GHI was given 45 days from execution of the term sheet to complete the due diligence. The transaction is also subject to approval of authorities.