C04849-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
Common | 7,162,841,657 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
---|
Joint Venture between ORT Company (Singapore) Private Limited and Express Holdings, Inc. |
Background/Description of the Disclosure |
Express Holdings, Inc. ("Express"), a subsidiary of JG Summit Holdings, Inc., and ORT Company (Singapore) Private Limited ("Oriente") has entered into a joint venture to invest in Oriente Techsystem (Philippines) Corporation (the "JV Company") in order to assist the JV Company in the expansion of its business and distribution of its products and services. The joint venture is setting up a digital financial services marketplace that will enable Filipinos to tap into credit facilities to bridge their ever-growing needs, whether to pay for tuition, unexpected medical expenses or even finance a small business. |
Date of Approval by Board of Directors | Jun 27, 2017 |
---|---|
Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
---|
The JV Company shall be equally owned by Express and Oriente. The JV Company is in the pre-operating and developmental stage and is expected to launch in early 2018. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
---|
Through the joint venture, Express and Oriente aims to address the financial exclusion problem of underbanked consumers and micro, small and medium enterprises ("MSMEs") in the Philippines. |
Amount of investment and/or interest by the parties involved |
---|
Authorized capital stock of the JV Company is PhP200 million. |
Provisions on profit-sharing, arrangements on management and operations |
Express and Oriente will each hold 50% of the shares of the JV Company. |
Conditions precedent to closing of transaction, if any |
The effectivity of the joint venture agreement is subject to the following: board approvals of both Oriente and Express and approval of the terms of the related-party agreements to be entered into by the JV Company. |
Other salient features of the joint venture agreement |
N/A |
Name | Nature of Business | Nature of any material relationship with the Issuer, their directors/officers or any of their affiliates | |
---|---|---|---|
ORT Company (Singapore) Private Limited | Oriente was founded in April 2016 by co-founders of Skype and LU.com to address a multi-trillion-dollar problem in emerging markets - the lack of affordable credit, even for the salaried middle class. The company is creating the leading digital financial services marketplace in Emerging Asia by leveraging its proprietary technology and data science, paired with its strategic partners | None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
---|
N/A |
Other Relevant Information |
The Date of Approval by the Board of Directors of June 27, 2017 as indicated above was the date of the approval by the Board of Directors of Express Holdings, Inc. |
Name | Rosalinda Rivera |
---|---|
Designation | Corporate Secretary |