The Manila Electric Co. (Meralco) said its wholly- owned subsidiary, ESakay Inc. has been sold for a total consideration of P87.4 million.
In a disclosure to the Philippine Stock Exchange yesterday, Meralco said the subsidiary was sold to On-Us Solutions Inc. in a share purchase agreement dated Aug.t 15, 2023.
Meralco did not share details on the transaction.
Meralco’s affiliate firm, Metro Pacific Tollways Corp. has minority shares in On-Us Solutions which in turn, operates Byahe, a privately-owned modernized jeepney operator that currently operates 30 Euro-4 compliant jeepneys across seven routes within Metro Manila, Pampanga and Nueva Ecija.
Meralco formed ESakay in 2017 to engage in the business of owning, maintaining and operating transport service networks of charging stations, batteries and vehicles utilizing electric energy and other alternative energy sources.
Last March, Meralco also formed a subsidiary named Movem Electric Inc. 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, among others.
