PLDT Inc. plans to sell its remaining stake in business process outsourcing provider SPi Global Holdings Inc., a top executive said Monday.
“We will look our options when the majority owner decides on what to do with those shares. If they can get good value on it, obviously it would be interesting to tag along,” PLDT executive vice president and head of enterprise, international and carrier business Eric Alberto said.
CVC Capital Partners, the majority shareholder of SPi Global, planned to sell its 80-percent shares in the outsourcing company it acquired from PLDT in 2013.
PLDT sold 80 percent of SPI Global to CVC for $300 million in 2013, while the country’s largest telecom company kept a 20-percent stake in the BPO service provider based in the Philippines.
According to CVC, SPi operates an offshore-based model primarily serving US and Europe-based customers with more than 20,000 employees worldwide across 17 delivery locations in six countries including the Philippines, India, US, China, Vietnam and Nicaragua.
SPi has annual revenue of $213.6 million.
PLDT, partly owned by Hong Kong’s First Pacific Co. Ltd. and Japan’s NTT group, earlier reported a net income of P6.22 billion in the January-March period, down by 34 percent from P9.48 billion year-on-year.
The company blamed the decline in net income during the period to higher product subsidies and financing costs, and increased impairment charges related to the investment in Rocket Internet.
Core profit, which excludes foreign exchange gains or losses and other non-recurring income, dropped 22 percent to P7.21 billion in the first quarter from P9.28 billion last year.
Consolidated revenues amounted to P42.78 billion in the January-to-March period, up from P42.55 billion in the same period last year.