In a disclosure to the Philippine Stock Exchange, IPVG said the new company will have an initial authorized capital of P50 million, P12.5 million of which will be subscribed by IPVG.
The move is in line with the online gaming distribution agreement entered into between IPVG and Terra ICT Sdn. Bhd, an online games operator and game publisher based in Malaysia.
The agreement gives IPVG the right to publish, use, market, distribute and sell in the Philippines various online game titles over which Tera ICT has proprietary rights. Terra ICT is a joint venture between Malaysia’s Bintai Kinden Corp Bhd and Terra Corp. Japan.
IPVG created a nationwide sports-betting platform accessible through the Internet and mobile phones, among its other ICT projects.
The company’s board earlier approved an increase in the company’s capital stock to P1 billion from P500 million.
IPVG was the result of the merger between MBf Inc. and IPVG Corp. (formerly Adobo Interactive, Inc.). It was organized to provide Internet, extranet and other value-added services to any and all types of IT users, with the objective of developing the IT sector in the country through the adoption and localizing of global Internet models.
The company is mainly involved in rendering innovative technology to the media and entertainment industry as well as interactive services through the creation of secondary distribution channels. Its principal products and services include: content production for traditional and new media; selling of media values and other sponsorship opportunities to advertisers; software development for Internet and consumer based applications; and technology and media consultancy arrangements.