Listed remittance firm I-Remit Inc. is raising P20 million in fresh capital by issuing new shares, following an emergency board meeting, Philstar Biz reported. The proceeds will be used to support the company's short-term funding needs.
I-Remit provides remittance services for overseas Filipino workers and has been listed on the Philippine Stock Exchange. The share issuance comes as the company seeks to bolster its working capital amid ongoing operations.
The move reflects the firm's strategy to tap equity financing rather than debt to address immediate cash requirements. Further details on the share issuance, including pricing and allocation, are expected to be disclosed in upcoming filings.