Phinma’s board of directors approved the plan on Wednesday (April 26) to sell 100 outstanding shares in Fuld US priced at $36,198.30 per share to Accretio Investments Pte Ltd, a Singapore-based limited exempt private firm.
The shares being sold represents Phinma’s 95.09 per cent stake in Fuld US.
Fuld US is engaged in competitive strategy and intelligence consulting, while Fuld & Co Philippines Inc or formerly Business Backoffice Inc (BBI) is a Manila-based knowledge process outsourcing firm owned 100 per cent by Phinma.
Launched in 2002, Fuld Philippines has completed over 400 research projects worldwide. It delivers critical business research solutions by providing phone-based intelligence collection and analysis on critical business issues.
“The sale will allow PHN to focus its efforts on Fuld Philippines as it develops new markets and opportunities in the Philippines and in Southeast Asia,” Phinma said in its statement.
Phinma noted the selling price was a negotiated amount which takes into account the company’s track record in the industry, its past performance and expected revenues and income.
After the transaction is completed Fuld Philippines shall continue to be owned by Phinma and will be renamed Integrative Competitive Intelligence Asia Inc (ICI-Asia).
“ICI Asia can continue to use the brand ‘Omniscope’,” Phinma added.
Now on its 60th year as a local holding company, Phinma also has interests in education, energy, hotels, housing, and steel products.
Phinma’s last trading price decreased 0.52 per cent or P0.060 to close at P11.38 per share on Wednesday (April 26).