Anscor raises stake in SPI Technologies Inc.

A. Soriano Corp. (Anscor) has increased its stake in SPI Technologies Inc., a publicly-listed leading provider of information technology (IT) services, to boost its exposure in the so-called new economy arena.

Anscor corporate information officer Reginaldo Hernandez told the Philippine Stock Exchange (PSE) that the Soriano-controlled holding firm has acquired an additional 4.785 million shares of SPI from First Metro Investment Corp. for P13.30 each, or an equivalent of P63.65 million.

"The acquisition of said shares will bring to more than 10 percent the total equity of Anscor in SPI Technologies," Hernandez added.

Early this year, Anscor invested P100 million for a 10-percent interest in SPI Technologies, which is engaged in call center and data conversion services, as the conglomerate prepares to position itself in the growing IT business. Another buy-in involves a minor stake in ATR, an investment company which it also plans to tap for its foray into new fields.

Among the major Philippine conglomerates, Anscor has noticeably lagged behind in IT ventures while the likes of Ayala Corp., JG Summit, Benpres Holdings, Aboitiz Equity Ventures, SM and others are now reaping benefits from their IT investments.

As a company, SPI provides IT services including the conversion of information into electronic form for major Internet, online content providers, networking companies and other clients; electronic mapping and database building for utilities; software services; and call centers. It is an ISO 9002 certified exporter whose clients are located largely in North America and Europe.

Last year, SPI made a major turnaround in its financial performance, posting a net income of P25 million, from a net loss of P210 million in 1999. The company accomplished the fact by giving up businesses with limited growth and starting new areas with better potentials and recurring revenue streams.

Next year, SPI will invest around P300 million for the expansion of eTelecare’s call center services while another wholly-owned subsidiary, data conversion and encoding firm Content Services Inc., will soon open at the Carmelray Industrial Park II in Calamba, Laguna.

In its case, Anscor remains in the red as most of its businesses suffered from the difficult economic and political environment the past year. Anscor’s consolidated loss amounted to P310.9 million last year on lower revenues of P1.437 billion. In 1999, its losses reached P487.6 million on revenues of P1.686 billion.

The Anscor family includes a number of subsidiaries and affiliates led by International Container Terminal Services Inc. (ICTSI), Phelps Dodge Philippines, Toledo Holdings Corp., AB Capital Investment Corp., AFC Fertilizer and Chemicals Inc. and Seven Seas Resorts and Leisure, the operator of the high-end Amanpulo Resort in Palawan.