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March, 2012 P2.8-B (US$65.02 million) investment into IPVG
2012-03-15IPVG unit to operate mineral refinery in India
By: Emeterio SD. Perez (Due Diligencer, BusinessMirror)
IPVG Corp. will hold its annual stockholders’ meeting at 3 p.m. on April 17 at the company’s executive boardroom, 34th floor RCBC Plaza Tower. To be submitted for ratification by stockholders is a board-approved amendment to the company’s corporate charter increasing the company’s authorized capital to P10 billion from P2 billion with par value of P1. The additional capital is intended to accommodate the investment of Conqueror Space Ltd., which will buy 2.8 billion shares at P1 each. The company will also seek the stockholders’ approval of the expansion of its secondary purpose to include “the business of building and operating refineries for all kinds of ores, metals, minerals, precious stones, oil, gas…” In changing its corporate name, IPVG will also ask its stockholders to allow the board of directors “to determine and approve the new corporate name.”
2012-03-14IPVG seals 2nd refinery deal
By: Zinnia B. Dela Peña (The Philippine Star)
eListed IPVG Corp., through its affiliate Conqueror Space Ltd., has inked a memorandum of understanding with a Canadian-Chinese firm, allowing it to build and operate mineral refineries in India.
In a disclosure to the Philippine Stock Exchange, IPVG said that its affiliate Conqueror Space Ltd. would have access to the skills and expertise of the Canadian-Chinese firms, which has had a long history of building and operating mineral refineries in China.
Last February, IPVG was granted the exclusive rights to engage in the business of refining metal ores and other minerals in the Philippines.
The MOU for the Indian operations will allow IPVG to expand overseas in potentially larger, more lucrative markets.
Last month, IPVG signed a MOU to acquire 100 percent of New Wave Resources, a company affiliated with a leading refinery in China, for P2.8 billion.
The MOU is subject to the approval of shareholders in a meeting scheduled next month, the completion of due diligence and a valuation report from an independent third party.
As part of the agreement, Conqueror Space will subscribe to P2.8 billion worth of shares of IPVG at P1 apiece to allow the latter to finance the acquisition. The shares will come from the increase in IPVG’s authorized capital from P2 billion to P10 billion as approved by the company’s board on Jan. 20, 2012.
This move follows the successful restructuring of IPVG last year, which involved the sale of all or substantially all of its assets to a new privately-held firm, IP Ventures Inc.
IP Ventures Inc. has the exact same ownership structure as that of IPVG.
Among the assets transferred to IP Ventures include IP E-Game Ventures (the group’s onling gaming subsidiary and operates the largest network of internet cafes in the Philippines), IP Converge Data Center Inc. (the only listed data center company on the PSE). and I-Pay Commerce Ventures Inc. (the fastest growing diret agent of Western Union in the Philippines).
IPVG was established in 1964 and was engaged initially in information technology and telecommunication, online computer games and business process outsourcing.
By: C. H. C. Venzon (BusinessWorld Online)
Information technology firm IPVG Corp. has struck another deal with a foreign company in line with its recent foray into the mineral refinery business, a disclosure to local bourse yesterday showed.
“The company, through its affiliate Conqueror Space Ltd., has signed a memorandum of understanding with a Canadian-Chinese firm, giving IPVG exclusive rights to build an operate mineral refineries in India,” the disclosure read.
The company said that, under the deal, IPVG would have an access to the skills and expertise of the foreign partner which was not named.
“The [deal] for the Indian operations will allow the IPVG to expand overseas in the potentially larger, more lucrative markets,” the company said.
This after IPVG signed last month a memorandum of understanding to acquire 100% of New Wave Resources for P2.8 billion and thus give IPVG exclusive rights over a strategic relationship with a leading builder and operator of refineries in China.
IPVG had said it would be entering mineral refinery business after its board of directors approved to amend its articles of incorporation.
The board approval also allowed the company to establish a refinery in the Philippines to refine metals ores, precious stones, oil, gas, coil and minerals intended for export purposes, according to the disclosure.
This comes as, the company, in October last year, transferring all of its assets to a new company called IP Ventures, Inc. to allow the listed firm to venture in new and more profitable industries.
IPVG posted P303.38 million in losses for January to September 2011, reversing the P11.27-million profit recorded in the same period the year previous according to latest financial statements. Shares stood unchanged at P1.28 apiece yesterday.