PANGILINAN-LED Manila Electric Co. (Meralco) and its wholly owned subsidiary, Corporate Information Solutions, Inc. (CIS), are selling their remaining shares in payment service provider CIS Bayad Center, Inc. to Kayana Solutions, Inc.
In a regulatory filing on Monday, Meralco said the company and CIS agreed to sell their respective shareholdings in Bayad to Kayana.
“The completion of the transaction is subject to the satisfaction of certain conditions,” the company said.
Bayad provides payment collection services through physical and digital channels.
CIS and Meralco hold 85% and 5% stakes in Bayad, respectively, while Kayana holds 10%.
Kayana is an electronic payment and rewards systems company owned by PLDT Inc., Meralco and Metro Pacific Investments Corp., with equity interests of 45%, 27.5% and 27.5%, respectively.
Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
