PLDT Inc. is in talks with private equity firm KKR & Co. to resolve issues involving a planned initial public offering (IPO) of Maya Innovations Holdings Pte. Ltd.
“[We’re] still talking with KKR because there are still a few issues with timing and all sorts of things,” said Manuel Pangilinan, chairman of PLDT and Maya.
“We are endorsing, we are supporting the IPO. But there are certain issues that we have to overcome with them. It’s not us, it’s them,” he added.
“You know, an IPO gives us a chance to increase our stake, so whether it’s a trade sale or an IPO, we will support it.”
Under a trade sale scenario, KKR will exit by selling its shares back to PLDT or to another strategic partner.
Pangilinan previously said that the company was planning a dual listing for the fintech firm, aiming to debut first in the United States before listing on the Philippine Stock Exchange by the second half of the year.
The dual listing is designed to raise fresh capital for Maya’s growth while providing an exit route for existing investors. At the same time, the structure allows parent firm PLDT to retain — or potentially increase — its current equity stake.
At present, PLDT owns 40 percent of Maya, followed by KKR at about 30 percent. Chinese tech giant Tencent Holdings Ltd. maintains a 15-percent interest, while the World Bank’s International Finance Corp. holds the remaining 10 percent.
As of March 2026, Maya’s deposit balance reached P76 billion, marking a robust 73-percent increase year on year, while its loan book grew to P33 billion.
The digital bank’s asset quality remained stable, posting a gross nonperforming loan ratio of 4.9 percent. The lending performance was strongly supported by a loan-to-deposit ratio of 44 percent and a healthy net interest margin of 17.1 percent.
