Paxys Inc., a listed holding company with investments in the business process outsourcing sector, said Monday it sold its Australian unit for A$84.9 million (P3.79 billion).

Paxys said in a disclosure to the stock exchange wholly-owned unit Paxys N.V. signed an agreement to sell 100 percent of its equity interest in Paxys Australia Pty. Ltd. to SmartGroup Investments Pty. Ltd.

The sale includes all units of Paxys Australia, namely SmartSalary Pty. Ltd., SmartFleet Management Pty. Ltd., SeQoya Pty. Ltd., PBI Benefit Solutions Pty. Ltd. and Australia Vehicle Consultants Pty. Ltd.

Consolidated net book value of Paxys Australia as of end-December 2011 stood at A$34 million (P1.5 billion) and accounted for 66 percent of Paxys’ total consolidated net assets.

“Paxys will continue to hold investments in the business process outsourcing industry and use the cash generated from the sale for future investment activities and general corporate purposes,” the company said.

Paxys has been selling its businesses since last year. In February 2011, the company sold its shareholdings in BPO unit Advance Contact Solutions for $17.5 million to Alorica International Ltd.

Paxys in November also sold its 35 percent stake in local call center WNS Philippines Inc. to foreign partner WNS Global Services Netherland Cooperative UA.

(Published in the Manila Standard Today newspaper on /2012/April/3)