A. SORIANO Corp (Anscor) has sold the entirety of its stake in Cirrus Medical Staffing, Inc. (CMSI) for $36.85 million, it told the stock exchange on Friday.
The transaction was made after the listed firm’s wholly owned subsidiary IQ Healthcare Investments Limited, based in the British Virgin Islands, entered into a merger agreement with United States-based Webster Capital Management LLC for the sale of CMSI, which Anscor acquired back in 2008.
The deal involves 93.55% of the company’s shares in CMSI, which owns 100% of Cirrus Holdings USA, LLC, a company station in North Carolina with core interests in the contract and temporary staffing and permanent placement of nurses and allied healthcare professionals in the United States.
CMSI likewise owns Cirrus Global Services, Inc., a company incorporated in the Philippines providing finance and administrative support services.
Anscor said the deal would let them “realize investment,” as stated in the rationale for the transaction posted in the disclosure.
Earlier this year, Anscor also divested its stake in Enderun Colleges, a school based in Bonifacio Global City, Taguig, in favor of tycoon Dennis A. Uy.
Incorporated in 1930, Anscor has major investments in wire and cable manufacturer Phelps Dodge Philippines Energy Products Corp., and Seven Seas Resorts Leisure, Inc.
Anscor recorded a 15% decline in its net income attributable to the parent in the first half of 2017 to P741 million. The decrease was brought by an increase in its expenses, outpacing the 1.8% year-on-year increase in revenues to P5.56 billion.
Shares in Anscor rose by a centavo or 0.14% to close at P7.01 apiece at the Philippine Stock Exchange on Friday. – Arra B. Francia