In a transaction that has come to characterize the only encouraging aspect of capital raising in the Philippines dotcom financing the Ayala Group is set to acquire a stake in MeetChina.com, a Chinese business-to-business B2B portal.
Through its newly-formed internet investment arm, iAyala, the property and telecom conglomerate invested $6 million, or about 20% of the proposed $30million financing for the B2B portal that provides an online trading platform for sourcing products from China.
The MeetChina.com business model connects suppliers in emerging markets to small to medium buyers in more developed markets and facilitates transactions between the two parties, says Jack Madrid, an executive director of iAyala. We see a tremendous opportunity...
