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SEC clears Mynt stock split in step toward GCash IPO
The Securities and Exchange Commission (SEC) has approved the stock split of Globe Fintech Innovations Inc. (Mynt), the parent company of GCash.
This move is seen as a precursor to Mynt's planned initial public offering (IPO) on the Philippine Stock Exchange.
Mynt's common shares increased to 71.66 billion from 2.15 billion, with the par value reduced to P0.03 per share from P1.
The company's authorized capital stock remains unchanged at P2.15 billion.
The stock split is expected to make Mynt's shares more accessible to investors.
GCash is set to become the largest listing in Philippine history, valued at $5 billion after securing new investors last year.
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