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Usaha Tegas buys 24pc stake in US company
(Business Times (Malaysia) Via Thomson Dialog NewsEdge) USAHA Tegas Sdn Bhd, a Malaysian company linked to tycoon Ananda Krishnan, has bought a 24 per cent stake for an undisclosed sum in New York-based Panther/DCP Holdings LLC, which controls Florida-based service provider PRC LLC.
With Usaha Tegas' acquisition of a minority interest in Panther/DCP Holdings, PRC is now bound to exclusivity agreement with Philippines' Paxys Inc, a business process outsourcing (BPO) firm, in which the former has a majority stake.
Giles Katigbak, a spokesman at Paxys, said the investment by Usaha Tegas into PRC through the acquisition of a stake in Panther/DCP Holdings will further strengthen ties between Paxys and PRC.
"The acquisition will also provide increased stability and new growth opportunities for both businesses," he told Business Times.
According to Giles, the exclusivity arrangement makes Paxys PRC's sole Philippine provider.
PRC is a customer relationship management service provider which currently outsources its clients' service needs to Paxys. Its clients include cable television provider, DirecTV and airline firm British Airways.
Panther/DCP Holdings, PRC's parent firm, is controlled by Diamond Castle Holdings LLC, a private equity firm based in New York.
Paxys was incorporated in the Philippines and listed on the Philippine Stock Exchange. It focuses on investments in the BPO industry and related sectors within the Asia-Pacific region.
The company, formerly known as Fil-Hispano Holding Corp, was incorporated in 1952 and listed on the Philippine Stock Exchange in 1971.
The company sold off its tile manufacturing operations from 1999 to 2002.
In 2004, the principal shareholder of Advanced Contact Solutions Inc (ACS), a leading call centre company, acquired a controlling stake in Fil-Hispano through a reverse takeover by injecting 100 per cent of ACS into the firm, making it the first call centre to be listed on the Philippine Stock Exchange.
In October last year, the company changed its name to Paxys Inc to better describe its current focus on BPO investments.
Usaha Tegas is a Malaysian conglomerate with interests in telecommunications, broadcasting, power generation, gaming, hotels, property and oil in the Asia-Pacific region.
Copyright 2007 The New Straits Times Press (Malaysia) Berhad. Source: Financial Times Information Limited - Asia Intelligence Wire
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