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    ABA   PHY0011J1089

ABACORE CAPITAL HOLDINGS, INC.

(ABA)
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Abacore Capital Holdings, Inc. Signs Counterpart Memorandum of Agreement Between Wholly-Owned Subsidiary, Philippine Regional Investment Development Corporation, Its Subsidiary Philstar Development Bank, Inc., and SquidPay Technology, Inc

04/11/2021 | 08:54pm EDT

AbaCore Capital Holdings, Inc. signed counterpart Memorandum of Agreement (MOA) between wholly-owned subsidiary, Philippine Regional Investment Development Corporation (PRIDE), its subsidiary Philstar Development Bank, Inc., and SquidPay Technology, Inc. The MOA embodies the overall terms of the partnership between Abacore's 100% subsidiary Philippine Regional Investment Development Corporation (PRIDE) and the Squidpay group. The Parties will work together, through Philstar Development Bank, Inc., with Squidpay as investor and operator, in the set-up and operation of a digital bank in the Philippines, subject to the requirements and mandate of the digital banking license it will obtain from the BangkoSentral ng Pilipinas (BSP). In the Memorandum of Agreement, Squidpay will infuse up to Nine Hundred Million Pesos (P900,000,000.00) for a 60% stake in Philstar Development Bank, subject to conditions in the MOA and subsequent implementing agreements. PRIDE and the current stockholders, will retain at least 40%. The Joint Venture will target the ever-growing need for cashless payments considering the pandemic and the BangkoSentral ng Pilipinas' drive for digital banking.


ę S&P Capital IQ 2021
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Financials
Sales 2020 0,82 M 0,02 M 0,02 M
Net income 2020 -89,1 M -1,76 M -1,76 M
Net Debt 2020 197 M 3,89 M 3,89 M
P/E ratio 2020 -22,0x
Yield 2020 -
Capitalization 4 030 M 79,3 M 79,5 M
EV / Sales 2019 6,70x
EV / Sales 2020 2 588x
Nbr of Employees -
Free-Float 49,4%
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Managers and Directors
Regina O. Reyes President, Chief Executive Officer & Director
Raul B. de Mesa Chairman
Arturo V. Magtibay Chief Operating Officer, Director & Executive VP
Mariane B. Tingchuy Compliance Officer
Clarita T. Zarraga Independent Director