Phinma sells US-based subsidiary
PHINMA CORP. on Wednesday said it sold its US-based subsidiary Fuld and Co., Inc. (Fuld US) for $3.62 million, as it focuses on the Philippine operations of the competitive intelligence research firm.
In a disclosure to the stock exchange, Phinma said its board of directors approved the sale of Fuld US, which is engaged in competitive strategy and intelligence consulting, to Accretio Investments Pte. Ltd.
Accretio acquired 100 shares, representing 95.09% of the Fuld US’ outstanding shares, at $36,198.30 apiece.
“The selling price was a negotiated amount which takes into account the company’s track record in the industry, its past performance and expected revenues and income,” the holding company said.
Phinma said it will book a P103,000 gain on the sale of Fuld US.
“The sale will allow [Phinma] to focus its efforts in Fuld Philippines as it develops new markets and opportunities in the Philippines and in Southeast Asia,” the company said.
Fuld Philippines will continue to be a wholly owned subsidiary under Phinma, but will be renamed Integrative Competitive Intelligence Asia, Inc.
Phinma had acquired Fuld & Company in June 2011. As part of the acquisition, Fuld joined forces with Philippines-based Global Business Research Support, which also provides competitive intelligence research services.
Shares in Phinma slipped 0.52% to close at P11.38 apiece on Wednesday. —