Metro Pacific acquires 24.95% stake in IT solutions firm

Metro Pacific Investments Corp. (MPIC) acquired a 24.95 percent stake in information technology firm Indra Philippines Inc. (IndraPhils.). 

 

The acquisition covers the 84,012 common shares of IndraPhils., a subsidiary of Spain-based Indra Sistemas SA, which were held by Manila Electric Company (Meralco), according to a disclosure with the Philippine Stock Exchange on Thursday.

 

MPIC owns a 32.48-percent interest in Meralco.

 

MPIC  paid in cash the equivalent of P326.525 million or around P3,886.65 per share. The purchase price was settled upon the execution of the share purchase agreement on Wednesday.

 

"This will be a modest investment for MPIC expected to yield strong returns," MPIC noted in the disclosure. "Economic benefits are expected to accrue to MPIC as Indra expands its business in the Philippines and in Southeast Asia." 

 

Indra Phils. has been operating in the Philippines for 18 years now. The information technology solutions provider has engagements with utilities and telecommunications, financial services and public administration.

 

"Indra Phils. has worked on a number of large systems projects for various MPIC portfolio companies. MPIC is now seeking to further commercialize the expertise developed as part of these projects," Metro Pacific said. – Keith Richard Mariano/VS, GMA News