Bacnotan completes purchase of animation firm

MANILA, Philippines- Listed Bacnotan Consolidated Industries Inc. on Monday disclosed that it acquired majority of a Hong Kong-based business process outsourcing (BPO) that caters to the animation industry. In a statement to regulators, the company said it bought 80 percent of One Animate Ltd. for $6.734 million, marking Bacnotan’s foray into the BPO space. The animation BPO firm owns 95 percent of 15-year old Toon City Animations Inc. Philippines-based Toon City has been providing services to Hollywood entertainment producers such as Walt Disney and Universal Studios with 2D, Flash and 3D CGI animation services for TV, direct-to-video and theater feature release productions. “BCII subscribed to and fully paid 6,733,600 shares in One Animate at the par value and issue price of $1 per share or a total investment of $6,733,600," the company said. It added that it used internal funds to finance the acquisition. During last year’s stockholders meeting, Ramon del Rosario Jr., Bacnotan president, said the company is looking at the possibility of venturing into outsourced animation processes given that the Philippines has a competitive advantage in the field. BCII has also earlier said that it is planning to enter the architecture, engineering and accounting back-office services that it would pursue under Phinma Finance and Accounting Outsource Corp. and Phinma Architecture and Engineering Outsource Corp.GMANews.TV