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News : Paxys Shares Fly After Unit Offers to Buy Out Minority
Manila, August 18, 2014 -- Shares in Paxys Inc, a holding company focusing on investments in the business process outsourcing industry, surged on Monday after its wholly owned subsidiary made an offer to buy out the minority stakeholders of the company at a premium.
Paxys shares shot up after the listed company received a proposal from Paxys NV to purchase the shares held by the minority shareholders.
"They believe that the minority shareholders should be given this option mainly because Paxys has been looking at various alternatives for about two years now to redeploy the cash reserves of the Paxys Group (which are substantially held by Paxys NV), and as of date, there are still no definite or attractive opportunities that have been identified," the listed firm said in a disclosure to the Philippine Stock Exchange.
The consolidated assets of Paxys consist mostly of cash, which are placed in short-term money market investments.
Paxys said there are no concrete plans that would result in merger, reorganization or liquidation involving the company and its subsidiaries.
Over the last three years, Paxys sold its interests in call center firms Stellar Global Solutions Philippines Inc and Avanced Contact Solutions Inc, software solutions provider Global Idealogy Corporation, IT firm Ubaldo Reidenbach Solutions Inc and Paxys Australia Pty Ltd.
Paxys is engaged in the call center business through Paxys Global Services Inc, Dalian ACS Co Ltd and Simpro Solutions Philippines Inc. It is also engaged in data transcription through Scopeworks Asia Inc.
Posted by Veronica Silva Cusi, news correspondent
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About Paxys Inc:
Paxys focuses on investments in the Business Process Outsourcing (BPO) industry and related sectors within the Asia Pacific region.
Published: Tuesday, August 19, 2014