Ayala Corp., the country’s oldest conglomerate, has sold its entire stake in the business process outsourcing company IQ BackOffice Holdings Ltd. (IQB) to the IQB’s management team on Friday.
In a disclosure to the Philippine Stock Exchange, the group said it has disposed of its 82.5 percent interest in the California-based IQB through subsidiary LiveIt Investments Ltd.
IQB’s management team would own 100 percent of the company, Ayala told the local bourse.
IQB clients range from mid-sized to multi-billion dollar public and private companies in industries that include restaurants and hospitality, real estate and property management, manufacturing and distribution, telecommunications, utilities, energy, and financial and professional services.
Although the firm is engaged in finance and accounting outsourcing (FAO) and human resource outsourcing (HRO), Ayala clarified that the transaction extends only to the sale of IQB’s FAO operations.
“LiveIt will retain the HRO business, which supports many of the Ayala Group companies and is considered a strategic asset,” according to Ayala.
IQB operates in the USA, India, Mauritius, and the Philippines.