Meralco sells eSakay to MPTC unit

MANILA, Philippines — The Manila Electric Co. (Meralco) has sold its wholly-owned subsidiary eSakay Inc. to a unit of Metro Pacific Tollways Corp. (MPTC).

Meralco, in a stock exchange filing, announced a share purchase agreement involving the sale of eSakay to On-Us Solutions Inc. for a total consideration of P87.4 million.

On-Us Solutions Inc. or Byahe is a platform that links jeepney operators, creditors, jeepney manufacturers, the government, and commuters to provide safe, affordable and sustainable public transportation services network.

The company was co-founded by former Grab Philippines president Brian Cu.

Last year, MPTC, through subsidiary MPT Mobility Corp., bought a significant minority stake in Byahe.

eSakay, meanwhile, provides end-to-end and tailor-fit electric vehicle and charging infrastructure solutions to private and public sector customers throughout the country, helping them modernize and electrify their transport systems.

Meralco did not disclose further details on the sale of eSakay to On-Us Solutions.

Last March, however, the company announced that it was forming a new subsidiary called Movem Electric Inc. that will engage in electric energy and other alternative energy sources.

Movem Energy was incorporated “to own, create, develop, manufacture, produce, assemble, configure, reconfigure, use, manage, maintain, operate, repair, improve, test, build, install, license, sell, market, distribute, lease, import and export, transport service networks utilizing electric energy and other alternative energy sources.”

It will also be engaged in component charging stations, hardware, software, batteries, vehicles, accessories, parts, gadgets, digital applications, and other equipment related to the business.

Meralco said these transport service networks utilizing electric energy and other alternative energy sources will be developed for the purpose of transporting passengers and merchandise both for domestic and foreign markets.

It includes investing, owning or holding interests in similar businesses to subsidiaries, affiliates or any entity in which the corporation has lawful interest, the company said.