I-Remit completes acquisition of stake in Taiwanese partner

MANILA, Philippines - I-Remit Inc., the Philippines’ largest non-bank remittance company, completed the acquisition of a 49 percent stake in its Taiwanese partner six months after it disclosed plans in January. The listed company bought Hwa Kung Hong & Co. Ltd for 2.45 million New Taiwan dollars which were sourced from internally generated funds, I-Remit chief financial officer Bernadette Cindy C. Tiu said in a disclosure. "The implementation of the transaction, i.e., the payment of the full purchase price and actual transfer of shares to the corporation is on July 1, 2009," she said. I-Remit shares closed unchanged at P4.10 since June 25. - RMA Rubio, GMANews.TV