MANILA -- Telecommunications firm PLDT Inc. has signed an agreement with local software development and IT solutions provider Multisys Technologies Corporation for a PHP2.15 billion investment which is equivalent to 45.73 percent ownership of its equity shares.
The company will be investing PHP1.6 billion to finance Multisys’ projects on digital payment solutions while the remaining PHP500 million will go directly to its owners.
“As part of the investment agreement, PLDT will infuse PHP1.6 billion fresh capital into Multisys subject to the fulfillment of the prescribed conditions to complete such investment,” PLDT said in an e-mailed statement to reporters on Monday.
The investment will be done through PLDT’s subsidiary PLDT Global Investment Holdings Inc.
In a press briefing earlier this month, PLDT Chairman and CEO Manuel V. Pangilinan disclosed that the telco’s investment in Multisys will strengthen its position in the industry as a digital services provider with core software development capabilities.
“We forecast that its profits can double in 2019 and 2020. So, we’re happy to do this investment,” Pangilinan said.
Multisys has developed a number of software platforms -- including payment gateway Bayad Center -- that can be used by its pool of programmers to create highly scalable, flexible and customizable software solutions as required by its clients for over eight years. (PNA)
