PRESS RELEASE

June 1, 2015
Aboitiz acquires 51% stake in local remittance firm PETNET
Aboitiz Equity Ventures, Inc. (AEV) has acquired a 51% stake in PETNET, Inc. (PETNET), a
Philippine money remittance business with a national footprint of around 2,500 locations
through a mix of own units and business partner agreements. AEVs acquisition is through
the purchase of existing issued shares and subscription to unissued shares.
We are excited about this acquisition for several reasons. PETNET has a large growth and
development potential with the continued increase in remittances from OFWs (overseas
Filipino workers) and with a large opportunity to distribute complementary products
through an extensive network of outlets. AEV, as new majority owner, can add significant
value and boost this development even further, said Erramon I. Aboitiz, AEV President and
Chief Executive Officer (CEO).
Remittances constituted around 8% of the Philippine gross domestic product last year and
have grown by around 7% per year for the past couple of years. The inflow of money
remittances has shown resilience to temporary market slowdowns.
The market for money transfers is a very fragmented market and we see that AEV can add
value in PETNETs strategy to grow and potentially consolidate the market organically. We
are also open to potential add-on acquisitions, should it fit strategically, Aboitiz added.
With AEVs 51% ownership interest, PETNET will continue as a stand-alone business within
the Aboitiz Group with the current management team in place, as well as all the existing
shareholders staying with a 49% ownership.
It is our intention to act as a very active owner from a board level perspective, but PETNET
will continue to be a self-driven unit, Aboitiz noted.
Meanwhile, PETNET CEO Larry Ocampo said, We are excited to have Aboitiz as a strong
and supportive new majority owner. PETNET has reached a growth stage where it needs to
take some big steps both internally and externally, and we think that AEV is the right active
owner to support this development. Personally, I look forward to the opportunity to take
the company through this next growth journey in partnership with AEV.


About AEV
Aboitiz Equity Ventures (AEV), which is listed on the Philippine Stock Exchange, is the
public holding company of the Aboitiz Group, with major investments in power, banking,
food, land, and infrastructure. AEV is recognized as among the Philippines best-managed
companies, and has received many awards for corporate governance.
About PETNET
PETNET was established in August 12, 1998. The principal purpose of the company has
been to grow the network of Western Union in the Philippines. Guided by this purpose,
PETNET has expanded and become the largest Western Union agent network in the
country. The network of PETNET includes over 250 company owned locations and 2,230
sub-agent locations composed of banks, pawnshops, business centers, moneychangers,
and supermarkets.
For further queries on this Press Release, please contact:
TIMI NUBLA
Corporate Branding and Communication
ABOITIZ EQUITY VENTURES, INC.
Timi.Nubla@aboitiz.com
+632 884 2497
+63917 5816970