EasyCall Communications Philippines, Inc. (ECP) has invested P45.09 million in TDG Ventures, Inc. (TVI), as it looks to benefit from the company’s positive cash flows.
In a disclosure to the stock exchange on Friday, the listed firm said its board of directors has approved its investment in TVI consisting of 200,000 common shares at P225.47 each. The price is based on TVI’s book value as per its 2017 audited financial statement.
With this, ECP will have an 11.76% stake in TVI.
“Acquisition of ECP of 11.76% is synergistic to the business of ECP and allows ECP to benefit from the positive cash flows of TVI,” the company said.
TVI is the majority shareholder of ECP, holding 82.68%. The company also operates as the holding firm for Transnational Diversified Group (TDG)’s information and communications technology services, lifestyle, and travel businesses.
Founded in 1976, TDG also has investments in logistics, ship management, securities trading, real estate development, renewable energy, and other supplemental businesses, according to its website.
Shares in ECP jumped 49.90% or P2.62 to close at P7.87 each at the stock exchange on Friday. — Arra B. Francia
