The Manila Electric Co. (Meralco) confirmed Wednesday it expects to complete full payment for the P2.7-billion sale of its combined stake with subsidiary Corporate Information Solutions Inc. (CIS) in CIS Bayad Center Inc. to Kayana Solutions Inc. by April next year.
The deal covers a total 504,948 common shares, representing 90 percent of the payment platform, priced at P5,347.08 per share. CIS holds 476,895 of these shares, while Meralco owns the remaining 28,053. An initial payment will be made upon closing, with the remaining balance due in April 2027.
Once completed, the transaction will give Kayana, a joint venture of PLDT Inc. and Metro Pacific Investments Corp. (MPIC), majority control of Bayad Center. Before the sale, Meralco held 5 percent, CIS 85 percent, and Kayana 10 percent of the business. Bayad Center operates an extensive network of physical and digital touchpoints for payment collection services across the country.
