I-Remit board clears Surepay deal
Listed remittance firm I-Remit Inc. has approved its binding term sheet with Surepay Technologies Inc., moving forward with a proposed P20-million capital infusion as the company disclosed that vice chairman Ben Tiu now owns a 47-percent stake.
The I-Remit board has unanimously approved a binding term sheet with Surepay Technologies Inc., paving the way for a proposed P20-million capital infusion. The company's regulatory filing revealed that vice chairman Ben Tiu now holds a 47-percent stake in the firm, though the source did not specify when or how he acquired this shareholding.
The approval comes after I-Remit and Surepay were reportedly in the final stages of negotiating the transaction's terms. Under the agreement, I-Remit plans to issue 10 million unissued common shares to Surepay at P2 per share, totaling P20 million. The investment aims to bolster the remittance firm's financial standing and enable it to pursue strategic business initiatives.
Tiu has been designated as I-Remit's authorized representative and authorized to sign and execute documents related to the Surepay term sheet. This differs from the earlier disclosure, which stated that I-Remit president and CEO Maria Rodora Banares was to be designated as the authorized representative. The emergency board also greenlit the opening of a new account with Philippine National Bank's Annapolis branch, as well as a discussion on the outstanding loans of former shareholder Bansan Choa, along with potential remedial options.
Choa's exact debt amount and the measures being considered were not disclosed. The emergency board was originally scheduled for Aug. 7 but was postponed to Aug. 14, with the temporary board tasked to address the Surepay agreement and other pressing corporate matters.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
