Manila Electric Co., the country’s largest power distributor, said Tuesday it sold ESakay Inc., its end-to-end green mobility solutions provider and enabler, for a total P87.4 million.
Meralco said ESakay was sold to On-Us Solutions Inc., a new transport company that operates under the brand Byahe and partly owned by Metro Pacific Tollways Corp.’s unit MPT Mobility.Metro Pacific Investments Corp. is a common shareholder of Meralco and Metro Pacific Tollways.
eSakay was established by Meralco to focus on promoting green and sustainable mobility – from the supply of electric vehicles and charging infrastructure, to the provision of EV operatorship services. It aims to be an end-to-end EV transport solutions provider, modernizing and electrifying transport systems for private and public sector customers throughout the country.On-Us Solutions had earlier unveiled plans to buy 500 electric vehicles and modern jeepneys in the next five years. It said the purchase is likely to cost P1.5 billion.
eSakay in 2019 obtained a P27 million, seven-year fixed rate term loan, whose principal needs to be repaid in November 2026.
