The amendment boosts the number of Mynt’s common shares to 71.66 billion from just 2.1 billion, while cutting the par value from P1 to P0.03 and keeping its authorized capital stock unchanged at P2.15 billion, Globe said in a stock exchange filing on Tuesday.
Stock splits by private firms are often viewed as precursors to IPOs, helping make shares appear more affordable and appealing to investors.
Mynt president and CEO Martha Sazon earlier told InsiderPH the restructuring “future-proofs for any capital raising opportunities, which could include an IPO.”
According to industry insiders, GCash was planning to list in the Philippines at a valuation of at least $8 billion; however, the timeline was eventually pushed back amid challenging market conditions.
The benchmark Philippine Stock Exchange index has slumped over 9 percent this year, closing at 5,933.76 on Monday.
—Edited by Miguel R. Camus
