In a disclosure to the Philippine Stock Exchange, Touch Solutions said 43.225 million shares of the company were crossed through a special block sale at P6.48 per share.
The shares, valued at P280 million, represent about 70 percent of the listed company's outstanding capital stock that were sold by its major shareholders to Shiok Success International Ltd.
Shiok is an investment holding company based in the British Virgin Islands. It is a wholly owned unit of Singapore-based Capilion Corp Pte Ltd.
The seven members of Touch Solutions' board of directors led by president Anson T. Uy resigned, to be replaced by Shiok officials led by Peter YB Tay, who was named president.
In April, Touch Solutions said its major shareholders accepted the offer of Shiok to buy a controlling stake in the listed firm.
Touch Solutions recently consolidated and transferred its IT-related assets and liabilities to wholly owned unit Sagesoft Solutions Inc. They also approved the amendment of Touch Solutions' Articles of Incorporation, changing its primary purpose to that of a holding company.
Formed in 2001, Touch Solutions’ main objective is to provide end-to-end information and communications technology solutions and services to its customers.
The company started commercial operations by offering and distributing accounting software in the country. A year later, it shifted focus to open source and open systems technologies and in 2004 opted to spin off its accounting software packages to Sagesoft.
source: interaksyon.com
