Information technology company Indra Philippines Inc. is scouting for business opportunities in Southeast Asia, especially in avionics and air defense radar systems.
Metro Pacific Investments Corp. chairman Manuel Pangilinan said Indra Philippines was looking at a “larger opportunity” in Southeast Asia.
“They are very strong in IT and in defense related businesses—radar and avionics,” Pangilinan said.
He added Indra Philippines planned to team up with the Salim Group in Indonesia and Manila Electric Co. and MPIC in Manila.
Meralco last week sold its 24.95-percent stake or half of its shareholdings in Indra Philippines Inc. to MPIC for P326.525 million.
“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,” Meralco said.
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 customers comprehensive management solutions, from consultancy to project development, integration and implementation and IT outsourcing and business process outsourcing.
MPIC earlier reported a net income of P5.6 billion in the first half of the year, up 31 percent year-on-year. The company’s core net income increased 27 percent to P5.9 billion from P4.6 billion on-year.
MPIC expects to post P10 billion in core net income this year, up 18 percent from P8.5 billion in 2014.
Metro Pacific president Jose Ma. Lim attributed the increase in core net income to strong traffic growth on all toll roads owned by unit Metro Pacific Tollways Corp., increased shareholdings in MPTC and growth in billed volume of Maynilad Water Services Inc.
The company’s higher stake in Manila Electric Co. and growth in the hospital group also contributed to the core net income.
Consolidated revenues in the first six months of the year rose six percent to P17.6 billion from P16.6 billion a year ago.