EasyCall agrees to acquire IT firm for P163 million
EASYCALL Communications Philippines, Inc. (ECP) has inked the transaction documents related to the P162.93-million acquisition of information technology (IT) firm Transnational E-Business Solutions, Inc. (TESI) on Jan. 1, 2022.
In a disclosure to the exchange on Monday, the listed firm said it is finalizing the bank loans and/or shareholder advances of up to P200 million to fund the acquisition, its capital expenditure, and for general corporate purposes.
“The acquisition of TESI will further enhance the products and service offerings of ECP as a technology company,” the company said. EasyCall plans to pay the purchase price within 30 days.
EasyCall’s board of directors approved early December the acquisition of one million TESI shares for P162.925694 apiece, based on the book value of TESI as of end-June.
TESI registered with the Securities and Exchange Commission in March 1997 to engage in IT services, which include software development, internet, and e-commerce services, back-office processing, and system integration.
“TESI has three major lines of businesses under software development using low-code applications to fast- track the digital adoption of companies, software as a service, and information technology outsourcing,” EasyCall said.
It is also registered with the Philippine Economic Zone Authority as an Ecozone IT Enterprise.
TESI was 50% owned by Transnational Diversified Corp. (TDC) and 50% by TDG Ventures, Inc. (TVI). TDC owns an 88.24% stake in TVI, which is also the majority or 88.03% owner of EasyCall.
“TDC and TVI will pay capital gains tax and ECP will pay documentary stamp tax for the transaction,” EasyCall said.
EasyCall shares were last traded on Friday, Dec. 31, closing at P4.20 apiece. — Keren Concepcion G. Valmonte
