Paxys unloads stake in BPO firm

MANILA, Philippines - Listed holding firm Paxys Inc. has unloaded its stake in a joint venture firm with an Australian business process outsourcing (BPO) company.

In a regulatory filing, Paxys said it sold its 50-percent share in Stellar Global Solutions Philippines Inc. for $3.7 million.

“By reason of the sale, Paxys transferred 124,997 common shares to Stellar Global LLC and 335,003 common shares to Stellar Philippines as treasury shares,” Paxys said.

“The proceeds of the sale will be used by Paxys for its investment activities,” Paxys said.

In 2007, Paxys and Stellar Global partnered to form Stellar Philippines. It combined the contact center and BPO experience of Stellar Global and the local capabilities of Paxys to deliver offshore service from the Philippines.

Stellar Philippines targeted to provide a cost-effective Philippine offshore outsourcing solution for the Australian, US, Canadian and UK outsourcing clients of the Stellar community.

“As of end-March, the net book value of Paxys’ investment in Stellar Philippines constitutes approximately three percent of Paxys’ total consolidated net assets,” the company said.

In November, Paxys divested its controlling stake in information technology solutions provider Ubaldo-Reindenbach Solutions Inc. to its foreign partner.

Last September, Paxys tied up with Canadian firm Simpro Solutions after successfully liquidating several key assets in Australia.

Paxys divested all its BPO assets including Paxys Australia, consisting of SmartSalary Pty Ltd., SmartFleet Management, SeQoya Pty Ltd., PBI Benefit Solutions and Australian Vehicle Consultants, for $A84.9 million in 2012.

Aside from the new venture, Paxys’ operations include wholly-owned medical transcription firm ScopeWorks Asia Inc.