Anscor sells US-based medical staffing firm

MANILA, Philippines — A. Soriano Corp. (Anscor), through its wholly-owned British Virgin lsland company Q Healthcare lnvestments Ltd. has sold its entire stake in a medical staffing firm to a US-based fund manager for $36.85 million.

In a disclosure to the Philippine Stock Exchange (PSE), Anscor said it has entered into an agreement with Webster Capital Management LLC to sell its entire shareholdings in Cirrus Medical Staffing lnc. (CMS|).

The sale involves 93.55 percent of CMSI’s total outstanding shares for a total purchase price of $36.85 million.

CMSI owns 100 percent of Cirrus Holdings USA, LLC, a North Carolina limited liability company engaged in the contract and temporary staffing and permanent placement of nurses and allied healthcare professionals in the United States, and of Cirrus Global Services, lnc., a Philippine domiciled company that provides finance and administrative support services.

Anscor acquired CMSI in 2008.

No other details of the transaction were immediately available.

Anscor, incorporated in 1930, has various investments in companies engaged in a wide range of activities both local and abroad.

The company’s major investments include Phelps Dodge Philippines Energy Products Corp., which manufactures wire and cable products; Seven Seas Resorts and Leisure Inc., which owns and operates the Amanpulo Resort in Pamalican Island, Palawan, and CMSI, which owns an allied healthcare professionals staffing business in the United States.

In December 2014, Anscor increased its equity in Phelps Dodge International Philippines Inc. (PDIPI) by acquiring 60 percent stake of General Cable Corp., making PDIPI a 100 percent-owned subsidiary of Anscor. The company also acquired K&A, a US-based accounting firm, to help expand the company’s BPO services business.

It also has several direct and indirect subsidiaries operating in various industries such as A. Soriano Air Corp.; Anscor Consolidated Corp.; Anscor International, Inc.; Anscor Property Holdings Inc.; Sutton Place Holdings Inc.; AFC Agribusiness Corp. and Vicinetum Holdings Inc.