Power retailer Manila Electric Co. on Tuesday announced the sale of wholly-owned subsidiary ESakay Inc. to On-Us Solutions Inc. for P87.4 million.
Meralco said in a disclosure the stock exchange the parties signed the share purchase agreement on Aug. 15, 2023.
On-Us Solutions is a transport company that received funding from a unit of Metro Pacific Tollways Corp. eSakay is the green mobility arm of Meralco that provides end-to-end EV and charging infrastructure solutions for institutional customers and the riding public.
It operates a fleet of eJeeps and focuses on public transportation service. It also rolled out e-charging stations in malls and food outlets.
Meralco recently formed new subsidiary Movem Electric Inc. that will focus on the development and deployment of different electric transport solutions.
Movem was incorporated to own, create, develop, manufacture, produce, assemble, configure, reconfigure, use, manage, maintain and operate transport service networks utilizing electric energy and other alternative energy sources, and their component charging stations, hardware, software, batteries, vehicles, accessories, parts, gadgets, digital applications, and other equipment related to the business.
“The incorporation of Movem Electric Inc. is in line with Meralco’s plans to be a major player in the growing electric vehicle industry,” the company said.
