Ayala sells stake in services firm HCX Technology Partners – BusinessWorld Online

AYALA Corp. said it inked a share purchase agreement with Asti Business Services, Inc. (ABSI) for the sale of the listed conglomerate’s 14.25 million shares or 100% of the outstanding capital stock of HCX Technology Partners, Inc. (HCX).
“With its strong expertise in providing business process and shared service support, IT systems integration and consultancy services, and having a wide clientele network, ABSI is best positioned to take HCX to its next phase of growth,” the company said in a disclosure to the exchange on Monday.
Ayala founded HCX in 2016 as a “shared services center” to provide human capital management services for the Ayala group of companies. HCX is said to offer human capital, customer relationship management, and digital solutions.
The listed company did not specify the price of the transaction, however, it noted that the price per share sold is less than 10% of Ayala’s total equity.
Ayala said: “Cash generated from the transaction can be used by [Ayala Corp.] for its operations.”
Shares of Ayala on Monday declined 4.35% or P38.00, closing at P836.00 apiece. — Keren Concepcion G. Valmonte

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