LISTED information technology-related services firm EasyCall Communications Philippines Inc. (ECP) said Monday that its board had approved the sale of its 3.8-percent stake in Eperformax International Inc. (ePI) to TDG Ventures, Inc. (TVI) for approximately P44.93 million via a share sale agreement.
ECP told the stock exchange that its board of directors last Friday approved the sale of 22.09 million ePI shares at a price of P2.03 apiece, double the acquisition price of P19.2 million.
It added that the decision to exit ePI was part of its strategic direction “to prioritize its core operating business areas.”
“Management believes that the cash flow generated from this transaction may provide further cash resources to support current and potential future expansion in core strategic operating areas or other priority cash requirements,” it added.
TVI is a domestic corporation that owns 82.65 percent of the outstanding capital stock of Easycall, which also owns 11.76 percent of TVI.
Meanwhile, ePI is a holding company primarily engaged in business process outsourcing services, particularly contact center operations.
TVI currently holds 44.86 percent of ePI, and the transaction will increase its stake to 48.66 percent.
Settlement will be made through bank transfer, with 25 percent to be paid upon execution of the agreement and the balance due on or before end-June 2025.
ECP reported a consolidated net income of P3.17 million for the first nine months of 2024, lower than the P6.7 million booked for the same period last year.
On Monday, ECP shares rose 11 centavos, or 4.42 percent, to P2.60 apiece.
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