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PRESS RELEASE
June 1, 2015
Aboitiz acquires 51 stake in local remittance firm PETNET
Aboitiz Equity Ventures, Inc. (AEV) has acquired a 51%
stake in PETNET, Inc. (PETNET), aPhilippine money remittance
business with a national footprint of around 2,500 locations
through a mix of own units and business partner
agreements. AEV’s acquisition is through the purchase of
existing issued shares and subscription to unissued shares.
“We are excited about this acquisition for several reasons.
PETNET has a large growth anddevelopment potential with the
continued increase in remittances from OFWs (overseasFilipino
workers) and with a large opportunity to distribute complementary
products
through an extensive network of outlets. AEV, as new
majority owner, can add significant
value and boost this development even further,” said
Erramon I. Aboitiz, AEV President andChief Executive Officer
(CEO).
Remittances constituted around 8% of the Philippine gross
domestic product last year andhave grown by around 7% per year for
the past couple of years. The inflow of moneyremittances has shown
resilience to temporary market slowdowns.
“The market for money transfers is a very fragmented market and
we see that AEV can add value in PETNET’s strategy to grow and
potentially consolidate the market organically. Weare also open to
potential add-on acquisitions, should it fit strategically,”
Aboitiz added.
With AEV’s 51% ownership interest, PETNET will continue as a
stand-alone business within the Aboitiz Group with the current
management team in place, as well as all the existingshareholders
staying with a 49% ownership.
“It is our intention to act as a very active owner from a board
level perspective, but PETNET will continue to be a
self-driven unit,” Aboitiz noted.
Meanwhile, PETNET CEO Larry Ocampo said, “We are excited to have
Aboitiz as a strongand supportive new majority owner. PETNET has
reached a growth stage where it needs to
take some big steps both internally and externally, and we
think that AEV is the right active
owner to support this development. Personally, I look forward to
the opportunity to take the company through this next growth
journey in partnership with AEV.”
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About AEV
Aboitiz Equity Ventures (AEV), which is listed on the
Philippine Stock Exchange, is thepublic holding company of the
Aboitiz Group, with major investments in power, banking,food, land,
and infrastructure. AEV is recognized as among the Philippines’
best-managed
companies, and has received many awards for corporate
governance.
About PETNET
PETNET was established in August 12, 1998. The principal purpose
of the company hasbeen to grow the network of Western Union in the
Philippines. Guided by this purpose,PETNET has expanded and become
the largest Western Union agent network in thecountry. The network
of PETNET includes over 250 company owned locations and
2,230sub-agent locations composed of banks, pawnshops, business
centers, moneychangers,and supermarkets.
For further queries on this Press Release, please contact:
TIMI NUBLA
Corporate Branding and Communication
ABOITIZ EQUITY VENTURES, INC.
[email protected]
+632 884 2497
+63917 5816970
