It was recently updated on market news that Squidpay applications for eWallet License was revoked.(Source: Philstar global newS)
This was revoked by Banko Sentral ng Pilipinas (BSP) based on the rules of non-bank institutions for Financial companies.
Currently Squidpay is also battling the issues with its shares subscription with PHA. Remember that Marvin Dela Cruz have a fallout with PHA after it attempted to do a backdoor listing.
Stock price of PHA opened at -8% after the news broke out today. It is currently trying to recover its lost ground and is now at 0.35 pesos per share as of the time of this writing.
Monde and FCG both PSE listed companies have finally signed the deal with regards to Monde buying a 15% equity interest in FCG at 1.0 pesos per share.
Subscription agreement for the buying of shares was conducted yesterday February 2, 2023. Distribution of shares shall be within the next 180 days as it needs PSE approval.
This is the details of FCG recent disclosure to PSE edge.
At the special meeting of the Board of Directors of the Figaro Coffee Group, Inc. (the “Company” or “FCG”) held on 25 January 2023, the Board of Directors of the Company approved: (a) the issuance of 820,268,295 common shares (the “Subscription Shares”) from the existing authorized and unissued capital stock of the Company, at a subscription price of One Peso (P 1.00) per share, or a total subscription price of Eight Hundred Twenty Million Two Hundred Sixty-Eight Thousand Two Hundred and Ninety-Five Philippine Pesos (P 820,268,295.00) to Monde Nissin Corporation (the “Subscriber” or “MONDE”); (b) the execution of the Subscription Agreement with the Subscriber under the terms and conditions which management deems beneficial to the Company; and (c) the listing of the said shares with The Philippine Stock Exchange, Inc. (“PSE”).
In relation thereto, the Company and the Subscriber have executed on February 2, 2023, the Subscription Agreement, for the issuance to, and subscription by, the Subscriber of 820,268,295 common shares from the existing authorized and unissued capital stock of the Company, at a subscription price of One Peso (P 1.00) per share, or a total subscription price of Eight Hundred Twenty Million Two Hundred Sixty-Eight Thousand Two Hundred and Ninety-Five Philippine Pesos (P 820,268,295.00).
The Subscription Price was paid in full by the Subscriber on the same day via transfer of immediately available funds to a designated bank account. The Company shall apply for and secure the approval of the PSE of the listing of the Subscription Shares within One Hundred Eighty (180) days from signing of this Subscription Agreement or such longer period as may mutually be determined by the parties.
