IPVG stockholders OK capital hike to P1B

Shareholders of listed information technology and gaming conglomerate IPVG Corp. have approved a plan to raise the company’s capitalization to P1 billion from P800 million and fund additional investments in its subsidiaries.

In a disclosure to the Philippine Stock Exchange, IPVG said stockholders approved the firm’s subscription to 100 million shares and 90 million shares of IP Contact Center Outsourcing Inc. and IP Converage Data Center, respectively, at a price of P1 per share.

Shareholders likewise approved a plan to invest $2 million in gaming unit IP E-Game Ventures Inc.

Other resolutions approved include the deed of guarantee in favor of Reach International Telecom (Singapore) Pte. Ltd. and Reach Internet Services Pte. Ltd. in relation to the purchase by IP Converge Pte. Ltd. of Internet data center assets and the execution of a corporate guarantee for the account of IP Contact Center Outsourcing Inc in connection with the latter’s loan from China Banking Corp. amounting to $5 million.

In addition, shareholders approved a resolution authorizing IPVG to execute a corporate guarantee loan in the amount of P120 million for IP Converge Data Inc.

From January to March this year, IPVG reported a five-fold increase in net income to P33.91 million boosted by record-breaking revenues.

Consolidated revenues surged 430 percent to P827.69 million from only P156.17 million a year earlier on robust contributions from the firm’s online gaming and communications units and newly-acquired businesses.

While focused on high-growth technology driven sectors, IPVG generates revenues from the US, Europe and Southeast Asia, thereby offering regional and global exposure. This has translated to a sustained growth in the company’s earnings with minimal risk.

To date, IPVG has presence in eight countries — Philippines, Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and the US.