Abacore Capital Holdings, Inc. Signs Counterpart Memorandum of Agreement Between Wholly-Owned Subsidiary, Philippine Regional Investment Development Corporation, Its Subsidiary Philstar Development Bank, Inc., and SquidPay Technology, Inc
April 11, 2021 at 08:54 pm EDT
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AbaCore Capital Holdings, Inc. signed counterpart Memorandum of Agreement (MOA) between wholly-owned subsidiary, Philippine Regional Investment Development Corporation (PRIDE), its subsidiary Philstar Development Bank, Inc., and SquidPay Technology, Inc. The MOA embodies the overall terms of the partnership between Abacore's 100% subsidiary Philippine Regional Investment Development Corporation (PRIDE) and the Squidpay group. The Parties will work together, through Philstar Development Bank, Inc., with Squidpay as investor and operator, in the set-up and operation of a digital bank in the Philippines, subject to the requirements and mandate of the digital banking license it will obtain from the BangkoSentral ng Pilipinas (BSP). In the Memorandum of Agreement, Squidpay will infuse up to Nine Hundred Million Pesos (P900,000,000.00) for a 60% stake in Philstar Development Bank, subject to conditions in the MOA and subsequent implementing agreements. PRIDE and the current stockholders, will retain at least 40%. The Joint Venture will target the ever-growing need for cashless payments considering the pandemic and the BangkoSentral ng Pilipinas' drive for digital banking.
AbaCore Capital Holdings, Inc. is a Philippines-based holding company. The Company has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services. The Company operates through three segments: holding company, real estate business and financial services. The holding company segment is primarily engaged in purchasing, owning, holding, transferring, or disposing of real property of every kind and description, including shares of stocks and other securities, contracts or obligations of any corporation or association. The real estate segment includes purchases of land for appreciation. The financial services segment is involved in the accumulation of deposits and extension of rural credits to small farmers and tenants and to deserving rural industries or enterprises. The Company holds 102 gold mining claims in Agusan del Sur and Surigao del Sur and seven coal blocks, each containing 1,000 hectares, located in Surigao del Sur.
Abacore Capital Holdings, Inc. Signs Counterpart Memorandum of Agreement Between Wholly-Owned Subsidiary, Philippine Regional Investment Development Corporation, Its Subsidiary Philstar Development Bank, Inc., and SquidPay Technology, Inc