Conglomerate Ayala Corp. said it divested from business process outsourcing company IQ BackOffice Holdings Ltd.
Ayala Corp. said in a disclosure to the stock exchange wholly-owned unit LiveIt Investments Ltd. sold its entire 82.5-percent stake in IQ BackOffice through a management buyout.
After the transaction, the management of IQ BackOffice will own 100 percent of the firm.
IQ BackOffice is engaged in finance and accounting outsourcing and human resource outsourcing.
Ayala Corp. said the transaction involved the sale of IQB’s finance and accounting operations only. This means the HRO business will remain under LiveIt.
“LiveIt will retain the HRO business, which supports many of the Ayala Group companies and is considered a strategic asset,” the conglomerate said.
IQ BackOffice has operations in the US, India, Mauritius and the Philippines.
IQ BackOffice is one of the three remaining BPO assets of Ayala Corp. The two others are Integreon and Affinity Express.
Ayala Corp. has been selling its BPO assets is it plans to focus on power generation, infrastructure, education and manufacturing on top of core businesses real estate, banking, telecommunications and water utility.
Share price of Ayala Corp. gained 0.3 percent Friday to end the week at P897.50.