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PLDT, Inc. said on Tuesday it has completed the acquisition of a minority stake in information and IT solutions provider Multisys Technologies Corp.
In a disclosure to the stock exchange, the telecommunications giant said it has closed the P1.6-billion deal with Multisys on Monday.
“Upon the approval by the Philippine SEC (Securities and Exchange Commission) of the capital increase of Multisys, PLDT will own a total equity stake of 45.73% in Multisys through a combination of new and existing shares of Multisys,” it said.
PLDT Chairman, CEO and President Manuel V. Pangilinan earlier said its investment in Multisys would position the company as one “with core software development capabilities.”
He also had told reporters last month the deal would help PLDT in improving its offers in its Enterprise business.
“They’re in a next-stage development, so they need a big brother like us to provide the funding because we’re supplying P1.6 billion of new capital into the business… We’re happy to do that. And the synergies between Multisys and Enterprise group, whether it’s the Alpha or MSMEs, (is a good thing), because you can work with them in creating bespoke solutions, or bespoke platforms, to specific companies,” Mr. Pangilinan had said.
In its website, Multisys said it helps small and medium enterprises (SMEs) and has experience in web and mobile development, e-government, cybersecurity and enterprise resource planning.
PLDT posted a 26% decline in its attributable net income during the nine-month period to P16.27 billion, dragged by the accelerated depreciation of P4.5 billion related to its network assets.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez