Mitsubishi (TYO:8058) plans to invest 44.5 billion Philippine pesos to more than triple its stake in Ayala (PSE: AC), deepening ties as the Philippine conglomerate's fintech associate prepares for the country's largest IPO, the two companies said in separate announcements on Monday.

The Japanese trading house will acquire additional shares at 650 pesos each, boosting its ownership in Ayala to 15% from 4.7% and increasing voting power to 20%.

The purchase could close within fiscal 2026, Mitsubishi said.

The Mitsubishi-Ayala partnership builds on their joint investment in Mynt, the operator of Philippine digital wallet giant GCash. The two companies signed an alliance agreement in 2024 to deepen collaboration in consumer-facing businesses, including financial services, telecommunications, and retail, alongside real estate and energy ventures.

Mitsubishi holds an interest in Mynt through a 50% investment in AM50 Ventures, an Ayala subsidiary that owns 13% of Mynt.

The stake sale comes as Mynt prepares to go public in the Philippines' largest IPO, which could see the Globe Telecom (PSE:GLO)-founded fintech raise up to 92 billion pesos from the sale of 8.03 billion shares at up to 10 pesos apiece.

Shares in Ayala fell 6% in early-afternoon trade on Tuesday.