MERALCO.COM.PH

PANGILINAN-LED Manila Electric Co. (Meralco) said its subsidiary Meralco Industrial Engineering Services Corp. (Miescor) has completed the acquisition of shares in Customer Frontline Services Corp. (CFS) for P74 million.

In a regulatory filing on Tuesday, Meralco said that Miescor acquired 400,000 common shares of CFS from bills payment platform CIS Bayad Center, Inc.

CFS, a subsidiary of Bayad Center, is a provider of outsourced tellering, frontline customer services, and customer solutions.

Miescor and its subsidiaries provide expertise in engineering, procurement, and construction; distribution utility and pole attachment services; telecommunications services and infrastructure; logistics and facilities management; and trading of electrical supplies and equipment.

CFS and Bayad are affiliates through Corporate Information Solutions, Inc.

In a separate disclosure, Meralco said that another Pangilinan-led firm PLDT Inc. has executed a subsidiary agreement for 594 million additional common shares in Kayana Solutions, Inc.

Following the subscription, the equity interest of PLDT in Kayana remains unchanged at 45%.

Metro Pacific Investments Corp. and Meralco each hold a 27.5% equity interest in Kayana.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera