Paxys sells stake in Stellar Global Solutions
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MANILA - Paxys Inc has divested its entire stake in a joint venture with an Australian business process outsourcing (BPO) firm.
In a disclosure to the Philippine Stock Exchange on Thursday, Paxys said it transferred 123,997 common shares in Stellar Global Solutions Philippines Inc to Stellar Global LLC, and another 335,003 common shares to Stellar Philippines Inc as treasury shares, for $3.7 million.
In an email to InterAksyon.com, Mark David Martinez, Paxys corporate information officer, said the shares constitute 100 percent of Paxy's 50 percent equity interest in Stellar Global Solutions.
At end-March, the net book value of Paxys’ investment in Stellar Philippines accounted for three percent of its total consolidated net assets.
Proceeds of the sale will bankroll the listed firm's investment activities.
Stellar Philippines is a wholly-owned subsidiary of Stellar Global Solutions. It provides cost-effective offshore contact center and BPO solutions for Australian and UK clients across a variety of industries, including telecommunications, utilities, transport, finance, government, retail and manufacturing.
Martinez said Stellar Holdings Inc used to own the 50 percent equity stake in Stellar Global Solutions until it transferred all of its interest to Stellar Global.
Paxys and Stellar Holdings Inc incorporated Stellar Global Solutions in January 2007.
Paxys is engaged in the call center business through Paxys Global Services Inc, Dalian ACS Co Ltd and Simpro Solutions Philippines Inc. The listed firm is also engaged in data transcription through Scopeworks Asia Inc.
In November, the listed firm sold its interests in Ubaldo-Reidenback Solutions, a local information technology solutions provider.