I-Remit Establishes New Subsidiary

I-Remit Inc. (PSE:I) has been authorized to cause the incorporation of a new wholly-owned subsidiary to be named Global Hapimart E-Commerce Inc. (Global Hapimart).

Global Hapimart is envisioned to complement the remittance business of, and create opportunities for, I-Remit specifically in retail and wholesale trading and in e-commerce.

Global Hapimart will be incorporated with an authorized capital stock of one million pesos (P1,000,000.00), of which I-Remit will be subscribing to Six Hundred Thousand (600,000) common shares with the par value of one peso (P1.00) per share, or a total of six hundred thousand pesos (PhP 600,000.00). Out of the total subscription, I-Remit shall pay sixty-three thousand pesos (P63,000.00), while the remaining balance shall be payable upon the call of the Board of Directors of Global Hapimart.