PLDT Inc.’s Voyagers Innovations, Inc. is looking to raise up to $150 million in fresh funds this year to strengthen its integrated money platform, Maya, its chairman said.
“I think there’s an effort to raise some money, around $100-150 million,” said Manuel V. Pangilinan, who chairs the listed telecommunications company, on the sidelines of its annual stockholders’ meeting on Tuesday.
“I think the focus of attention is new stockholders but given market conditions, I think the existing stakeholders may have to participate for a portion,” he added.
Mr. Pangilinan said Voyager is currently negotiating with potential foreign investors to raise the funds, while PLDT is also expected to participate.
“Maya is under Voyager, so the fundraising will be done on the Voyager level. We don’t know yet how much money can be raised from third parties and from the existing stakeholders,” he said.
Aside from PLDT, existing investors in Maya include KKR & Co., 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.
INITIAL PUBLIC OFFERING
Meanwhile, PLDT President and Chief Executive Officer Alfredo S. Panlilio said the market listing of Maya is being considered.
“Of course, the plan eventually is to consider that, but I think [we have to] really improve the fundamentals of the bank first,” said Mr. Panlilio.
“We are pushing very hard on deposits, loans, and loan books. They are coming out with micro-, small-, and medium-sized enterprise (MSMEs) offerings also, [and] some more offerings. But I think strengthening the bank first is the objective,” he added.
Mr. Pangilinan said Maya has been growing its deposits in recent months, especially in May and June.
“They have been growing their deposits in a significant way. Sometime in April, their deposit levels reached P26 billion. I’m sure in the months of May and June that continues to grow,” Mr. Pangilinan said.
“The problem has been really addressing their loan book although they have been increasing their loan disbursements in the recent months. It’s expected by year-end they should be earnings before interest, taxes, depreciation, and amortization (EBITDA) positive, the bank as a whole,” he said.
“As indicated, they need to develop more loan products that can address not only individuals but also MSMEs,” he added.
Meanwhile, the digital bank is expected to positively contribute to PLDT in the next two to three years.
“I think it will be led by the enterprise part of the business — merchant acquiring — and by the bank and that’s if they are able to grow that loan book because they had a problem growing their deposits level. They have a lot of money to lend, so they should be able to do that in time,” Mr. Pangilinan said said.
On Tuesday, PLDT shares slipped by 0.78% or P10 to P1,270 each.
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. — Justine Irish D. Tabile
