Paxys sells BPO unit, to use money for future investments

To beef up its resources for future investments, settle debts, and fund corporate expenses, listed Paxys Inc. has sold one of its major subsidiaries in business process outsourcing (BPO). The company said in a disclosure with the Philippine Stock Exchange it sold its shareholdings in Advanced Contact Solutions (ACS) for $17.5 million to Alorica International Ltd. The sale was first announced earlier this month. “The sale of ACS has allowed Paxys to monetize its investment in ACS and, as a result, flexibility in charting investment activities," the company said in a statement. Paxys sold 3.04 million shares in ACS, representing 100 percent of its equity stake in ACS. “The selling price was determined based on a combination of several underlying factors such as historical cost of Paxys’ investment in ACS," the company said. Paxys said Alorica International has been a business partner of ACS, supplying ACS with outsourced business through Alorica International's subsidiary, PRC LLC. Paxys said the money will used for future investments, repay the group’s debt, and other general corporate purposes. ACS has five sites worldwide. Its newest is a 250-seat call center in Dalian, China, which the company set up in January 2010 to serve clients in Japan, Korea, and China. Alorica International has 30 outsourcing facilities in the US and six “offshore and nearshore teleservices facilities." Paxys is owned by Hong Kong’s All Asia Customer Services Holdings Ltd., whose principal business is outsourced payroll processing and transcription. — VS, GMA News