PLDT invests P2.15B in Multisys Technologies

PLDT Inc. on Thursday said it is investing P2.15 billion for a 45.73-percent interest in Philippine software developer and IT solutions provider Multisys Technologies Corp.

The investment will be made through PLDT’s wholly-owned subsidiary PLDT Global Investments Holdings Inc., and is expected to be completed in December.

“This investment positions PLDT as a telecoms and digital services provider with core software development capabilities,” said PLDT Chairman and CEO Manuel Pangilinan.

In a press conference in Makati City, Pangilinan said the bulk of the investment will be used to finance the Multisys’ projects.

“We’re supplying P1.6 billion of new capitalization into the business, P500 million will liquefy this investment and get the money, which it deserves,” he said.

“P1.6 billion will go into the company and that will fund the projects in the pipeline,” Pangilinan said.

PLDT chief financial officer Annabelle Chua said the investment will be funded internally.

“That’s well covered within our available cash reserves at the moment,” she told reporters.

PLDT expects Multisys to be a profitable investment in the next two years.

“We forecast that its profits can double in 2019 and 2020. So we’re happy to do that," Pangilinan said.

Multisys is in the business of designing, developing, and implementing business system solutions and services covering consumer, web page development and designing, and user-defined system programming.

“Working with Multisys will enable us to step up our efforts to provide compelling digital solutions to address the specific requirements of our enterprise customers,” said PLDT Group chief revenue officer Ernesto Alberto.

PLDT has set a capital expenditure of P58 billion this year, a “historic high” for the company, to improve its broadband and data business units. —VDS, GMA News