The company said it would sell all the issued share capital in Click Energy, an asset it bought in April 2017, to AGL, adding that it would now concentrate on being a mobile-only business.
The divestment of the energy business is expected to be completed by the end of September. amaysim said it would pay off debt of about $53 million from the proceeds of the sale.
This is the second divestment by amaysim; the company got out of the broadband business in October 2018, selling its fixed line broadband customer base to regional telecommunications operator Southern Phone for about $3 million.
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"Chris and the team have done a remarkable job. They grew the subscriber base to record highs this year and maintained a strong culture and customer-centric focus despite the increase in regulatory intervention, impact of COVID-19 and declining gross profit margins. Despite this pressure, they never lost focus on our customers and the subscriber numbers speak for themselves.
“We couldn’t be prouder of what our energy business has achieved and we’d also like to acknowledge Isaac Ward’s leadership and contribution as the executive responsible for our energy business over the last 12 months and Paula Bautista and Carlos Hernandez who lead the wonderful customer service team in Manila.
“Our investment in amaysim energy has delivered solid returns since acquisition in 2017. However, we believe that going forward the business will be best suited in the hands of AGL. The energy business has delivered $87.8 million of underlying EBITDA in just three years and supported the mobile business.
"Looking ahead, we believe transitioning to a pure-play Mobile business will deliver long term shareholder value. We will now be solely focused on delivering on the growth of mobile as we progress the tender for our wholesale mobile network provider.”
