Power distributor Manila Electric Co. on Thursday sold its 24.95-percent stake or half of its shareholdings in information technology company Indra Philippines Inc. to Metro Pacific Investments Corp. for P326.525 million.
“Meralco completed today [Thursday] the sale to MPIC via share purchase agreement of its 84,012 common shares of stock in Indra for a purchase price of P326.525 million,” Meralco said in a disclosure to the stock exchange.
“Considering that MPIC and Meralco are related entities, the purchase price consideration was determined after a valuation process conducted by Credit Lyonnais Securities Asia as an independent third party appraiser,” the company said.
The sale represented 24.95 percent of the outstanding capital stock of Indra and reduced Meralco’s stake to 24.95 percent.
Indra, a joint venture between Meralco and Indra Sistemas S.A. of Spain, is one of the leading IT service providers in the country offering its customers comprehensive management solutions, from consultancy, to project development, integration and implementation, to IT outsourcing and business process outsourcing.