PHINMA CORP. has sold its research and consultancy unit to focus on businesses in the education and construction materials sectors.
In a disclosure to the exchange on Monday, Phinma said it sold 100% or 10,000 shares in Integrative Competitive Intelligence Asia, Inc. (ICI Asia) to the latter’s president and CEO Roderick Y. Barro.
The shares are priced at P50 each, resulting in a total transaction value of P500,000. It is estimated to result in a P15-million loss on the deconsolidation of ICI Asia.
“The divestment from ICI Asia will enable Phinma to focus on growing its core businesses, namely construction materials and education,” it said.
The sale of ICI Asia was concluded on Sept. 18. Except for Mr. Barro, the rest of the directors and officers of the company resigned as a condition to the deal.
“The buyer shall continue as president and CEO of ICI Asia and will be responsible for the completion of the company’s projects and payment of outstanding liabilities,” Phinma said.
Phinma took a controlling interest in ICI Asia in 2011 to increase its business process outsourcing portfolio. The company is a knowledge process outsourcing provider in Manila that serves clients from the environment, markets, health, governance, and education sectors.
In the six months ending June, ICI Asia recorded a P13.9 million net loss, reversing its net income of P3 million a year ago.
The Phinma group, likewise, swung to a P38.28-million net loss during the period from a net income of P27.84 million last year. Its businesses include education, construction materials, property, steel products, and hospitality.
On Monday, shares in Phinma at the stock exchange picked up 26 centavos or 3.06% to close at P8.75 each. — Denise A. Valdez