PLDT, a telecommunications company in the Philippines, is considering increasing its stake in Maya Innovations, its fintech subsidiary. This development follows reports that private equity firm KKR, a minority shareholder, might divest its shares in Maya.
PLDT wants KKR’s share, who currently holds approximately 30% of Maya (inclusive of Maya Innovations) which competes with GCash in the Philippine market. PLDT’s chairman and CEO, Manuel Pangilinan, expressed interest in acquiring more shares if KKR decides to sell.
PLDT’s net income for 2024 grew by 21%, reaching PHP 32.3 billion (USD $558 million), partly due to Maya Innovations Holdings becoming profitable in December. Established in 2013, Maya provides a range of financial services, including mobile money, payments, and remittances, under the PayMaya brand.
Maya achieved unicorn status in 2022 after a funding round that valued it at close to USD $1.4 billion. The company also reported lower losses and higher revenue for the 2023 fiscal year.
In 2018, Maya secured USD $215 million in funding from investors including PLDT, KKR, GIC, Tencent, and International Finance Corporation (IFC). A later funding round in 2020 raised an additional USD $120 million.
In a separate matter, PLDT has ended negotiations with CVC Capital Partners for the sale of a minority stake in its data centre business, ePLDT. Pangilinan mentioned they are in discussions with a different potential investor but did not disclose any details. PLDT operates 11 data centres through ePLDT.
Featured image credit: Edited from Freepik
