• Manila Electric Co sells eSakay to affiliate On-Us Solutions for P87.4 million
• Meralco says in a disclosure to Philippine Stock Exchange the transaction was done via a share purchase agreement on Aug. 15
• eSakay was set up in 2017, promoting green and sustainable mobility
• The subsidiary was formed to supply electric vehicles and charging infrastructure and operate transport service networks using alternative energy
Manila Electric Co (Meralco) has sold eSakay Inc. to affiliate On-Us Solutions Inc. for P87.4 million, Meralco said in a disclosure to the Philippine Stock Exchange on August 15.
A wholly owned subsidiary of Meralco, eSakay was sold to On-Us Solutions through a share purchase agreement. On-Us is also under Manuel Pangilinan’s MVP Group.
Meralco did not provide additional details of the transaction.
eSakay was set up in 2017 to promote green and sustainable mobility – from the supply of electric vehicles (EVs) and charging infrastructure to the provision of EV operatorship services, according to the Meralco corporate partners website.
On-Us Solutions operates Byahe, a privately owned modernized jeepney operator which aligns with the government’s Public Utility Vehicle Modernization Program (PUVMP).
Byahe operates 30 environment-friendly, Euro 4-compliant jeepneys across seven routes within Metro Manila, Pampanga, and Nueva Ecija.
In March this year, Meralco announced the creation of a new subsidiary, Movem Electric Inc., which will focus on developing and deploying different electric transport solutions.
The new subsidiary will own, create, develop, manufacture, produce, operate, install, license and sell service networks utilizing electric energy and other alternative energy sources, and their component charging stations both for the local and foreign markets.
