I-Remit to acquire 49 percent of Taiwan remittance firm

MANILA, Philippines I-Remit Inc., the Philippines’ largest non-bank remittance company, announced on Monday that it will acquire 49 percent of a Taiwanese remittance firm. I-Remit Inc., which recently partnered with a home TV shopping network, will buy a substantial stake in Hwa Kung Hong Co., Ltd. for 2.45 million Taiwanese dollars. The company will acquire shares worth 2 million Taiwanese dollars held by Yang Cheng Min and additional shares worth 450,000 Taiwanese dollars, the company said in a disclosure to the Philippine Stock Exchange (PSE). The company said its board approved the acquisition. Hwa Kung Hong has branches in Taipei and Kaohsiung. Shares of I-Remit remained unchanged at P4.50 apiece during trading at the PSE on Monday. - GMANews.TV