Ayala divests in Vietnam infra

MANILA, Philippines – Ayala Corp., the country’s oldest conglomerate, has approved the divestment of its 100 percent interest in Vinaphil Technical Infrastructure Investment JSC.

The company said its board of directors approved the sale of its entire stake in Vinaphil to Ho Chi Minh City Infrastructure Investment JSC.

The divestment comes four years after Ayala and Ho Chi Minh agreed to jointly invest in Vinaphil, a corporation established under Vietnam law to invest in infrastructure projects in Vietnam.

No immediate reason was given for the divestment.

During yesterday’s meeting, Ayala’s board also approved the creation of a new subsidiary, HCX Technology Partners Inc.,  for the acquisition of the human resource outsourcing assets from HR Mall Inc.

HR Mall provides strategic value for the Ayala Group’s HR requirements.

 The board likewise ratified the appointment of former Cabinet Secretary Jose Rene Almendras as president and CEO of AC Infrastructure Holdings Corp. and managing director of Ayala Corp.

Almendras replaced John Eric Francia who continues to serve as president and CEO of AC Energy Holdings Inc. and a member of Ayala’s management committee.

 He served as Energy secretary and Secretary to the Cabinet of the Aquino administration.

Francia’s appointment as full-time CEO of the company’s energy unit was in line with the group’s efforts to further expand its power business, the conglomerate said.

AC Energy is currently eyeing to double its generating capacity by 2020 as it nears its 1,000-megawatt (MW) capacity target this year.

Ayala is one of the largest conglomerates in the Philippines with businesses in real estate, financial services, telecommunications, and a broad range of investments in water, electronics, automotive, international operations, and business process outsourcing.