By Juzel L. Danganan
MANILA, Oct. 15 (PNA) — The Manila Electric Co. (Meralco) sold its 24.95-percent stake in Indra Philippines, Inc. to Metro Pacific Investments Corp. (MPIC) through a stake purchase agreement (SPA) for PhP326.525 million.
According to a disclosure from the Philippine Stock Exchange (PSE) Thursday, Meralco bared MPIC acquired its 84,012 shares for PhP3,886.65 each in Indra, which also reduces its stake to 24.95 percent.
“The said sale represents 24.95 percent of the outstanding capital stock of Indra and reduces Meralco’s stake therein to 24.95 percent,” it said.
Meralco explained the purchase price was determined after an evaluation process conducted by Credit Lyonnais Securities Asia, which served as the independent third-party appraiser.
Meralco stressed that the entry of MPIC in Indra will “enable the latter to leverage on the combined strengths of its shareholders to expand its business in the country and in the region.” Meralco is an affiliate of MPIC, which holds 32.48 percent of the distribution utility’s direct and indirect interest.
Indra is an IT service provider based in the Philippines, which offers comprehensive management solutions such as consultancy, project development, integration and implementation, including IT outsourcing and BPO.
The company is a joint-venture between Meralco and Indra Sistemas S.A. of Spain. (PNA)