Conglomerate Ayala Corp. on Monday will sell its shares in business processing outsourcing firm HCX Technology Partners Inc. to Asti Business Services Inc. (ASBI) for an undisclosed amount.
Ayala Corp. said in a disclosure to the stock exchange Monday it signed an agreement to sell 14.25 million shares or 100 percent of its stake in HCX to ASBI.
HCX, formerly called HRMall Inc., is a full-fledged systems integration company offering human capital, customer relationship management and digital solutions to clients.
It was established by the group in 2016 as a shared services center providing human capital management services to the Ayala Group of companies.
It offers managed payroll outsourcing, infrastructure, personnel and knowledge management services.
“With its strong expertise in providing business process and shared service support, IT systems integration and consultancy services, and having a wide clientele network, ABSI is best positioned to take HCX to its next phase of growth,’ Ayala Corp. said.
ABSI is a business process solutions company under a unit of Asticom Technology Inc. It provides solutions and support services to several industries, including telecommunications, technology, banking, fintech, logistics and e-commerce.
Ayala Corp. is one of the country’s largest conglomerates with investments in banking, real estate, power generation, telecommunications and healthcare services.
The conglomerate started to exit the BPO sector in 2014 to focus on other fast growing businesses.
Early this month, Ayala Corp.’s logistics unit entered into an agreement to acquire a controlling stake in Air21 Holdings Inc. for P6 billion.
Ayala Corp. In the first nine months of the year registered a 70-percent increase in net income to P19.4 billion on the improved performance of most of its business units.
The strong performance was boosted by gains from the partial divestment of the group’s thermal assets and AC Health’s acquisition of Qualimed Health Network earlier in the year.
Shares of Ayala Corp. on Monday slipped 4.3 percent to P836.
