LISTED conglomerate Aboitiz Equity Ventures, Inc. is consolidating its financial businesses through the sale of a 51-percent stake in PETNET, Inc. to two of its affiliates for P1.2 billion.

In a disclosure on Monday, Aboitiz said it was selling 2.46 million shares in PETNET—which holds the operations of remittance center Western Union—to City Savings Bank, Inc. and Union Properties, Inc. at P487.54 per share.

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