DigiCo, a digital company controlled by PLDT Inc., said Thursday it acquired a 10-percent stake in Bayad Center Inc. for P320 million.
DigiCo, formerly known as Limitless Growth Ventures Inc., acquired 56,105 common shares of Bayad from Corporate Information Solutions Inc. for P5,703.59 per share. CIS is a company controlled by Manila Electric Co. (Meralco).
“The purchase price is based on Bayad’s business valuation using financial projections and future cash flows at 10 percent of its total issued and outstanding capital stock,” PLDT said.
DigiCo’s acquisition of Bayad will enable the former to leverage its expertise and resources to support Bayad’s growth while exploring and unlocking synergies in the companies led by Manuel Pangilinan such as PLDT, Meralco and Metro Pacific Investments Corp.
DigiCo is 60 percent-owned by PLDT, 20 percent by Meralco and 20 percent by MPIC.
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