AYALA Corp. (AC) has agreed to sell half of its stake in the parent firm of GCash to Japan's Mitsubishi Corp. (MC), which will also explore additional investment opportunities in the Philippines under a refresh of a 50-year partnership.
In a disclosure early on Friday, Ayala said that it was signing a binding term sheet with Mitsubishi — Japan's largest trading company — where the latter would invest a minimum of P18.4 billion for 50 percent of AC Ventures Holding Corp.