December 17, 2024 | 12:00am
MANILA, Philippines — Tech provider EasyCall Communications Philippines Inc. has disposed of its minority stake in a business process outsourcing (BPO) to raise P45 million for its future expansion.
In a disclosure to the Philippine Stock Exchange, EasyCall said it sold all its shares in ePerformax International Inc. to affiliate company TDG Ventures Inc. (TVI) in line with its expansion strategy.
EasyCall said it has signed a share sale agreement with TVI for the sale of its 3.8 percent stake in ePerformax, earning P44.93 million from the transaction.
For EasyCall, it was an easy call to dispose of its shares in ePerformax, particularly as the selling price is more than double the acquisition price of P19.2 million.
Further, EasyCall is rearranging its business structure in preparation for expansion plans in 2025.
At present, EasyCall is working on growing its core business, and the management wants to free up expenses by letting go of non-core segments. The company said proceeds from the sale would also go to funding its capital expenditures.
“The decision of EasyCall to sell its ePerformax shares to TVI is part of its strategic direction to prioritize its core operating business areas and management believes that the cash flow generated from this transaction would provide further cash resources to support current and potential future expansion in core strategic operating areas or other priority cash requirements,” EasyCall said.
ePerformax is engaged in the business of BPO, particularly contact center operations, with bases in Manila, Cebu and Roxas City.
The BPO, headquartered in Nashville, Tennessee, serves as the contact center partner of some of the biggest multinationals like PayPal, T-Mobile, Sprint and eBay.
EasyCall would receive 25 percent of the proceeds upon execution of the share sale agreement with TVI. TVI will pay the balance to EasyCall on or before June 30, 2025.
TVI owns 82.65 percent of shares in EasyCall, while EasyCall manages an 11.76 percent stake in TVI. Moreover, TVI has a 44.86 percent interest in ePerformax prior to the transaction, and the acquisition increases its share to nearly half.
EasyCall offers information technology services to enterprises, and the company also operates 95 very small aperture terminals in remote areas.
However, the company is working on improving the viability of its business, as its profit has slid by half to P3.17 million as of September.
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