Globe Telecom, Inc. is set to raise P1.87 billion through a joint venture with Singapore-based NCS Pte. Ltd. as it seeks to strengthen its IT services subsidiary, Yondu, Inc.
In a stock exchange report on Thursday, Globe said it has agreed to sell a 51 percent stake of Yondu to NCS’ parent firm, NCSI Holdings Pte. Ltd. (NCSI). Yondu, on the other hand, will fully acquire NCSI Philippines (NCSI PH).
Upon closing, Globe will retain a 49 percent stake in both Yondu and NCSI PH. The transaction, however, is still subject to regulatory approvals and other closing conditions.
Globe President and CEO Ernest L. Cu said the partnership aims to expand Yondu’s market reach beyond the Philippines by leveraging NCS’ expertise in digital, cloud, data, and AI services.
“Our vision for Yondu is to be a force for good through effective IT products and services. Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide,”Cu said.
For NCS Pte. Ltd. CEO Ng Kuo Pin, the joint venture will help boost the company’s presence in the Asia-Pacific region.
"This joint venture marks a significant milestone in our APAC growth journey as we continue to invest in meeting the region’s demand for technology services, particularly AI-led solutions," Ng said.
“Our global clients will benefit from our expanded Global Delivery Network and greater access to digital, cloud, data, and AI services."