IPVG raises P300 million from GEM investment group

MANILA, Philippines – UK-based fund management firm GEM Group and Elite Holdings Inc. have invested a combined P300 million in listed information technology and gaming firm IPVG Corp. through the purchase of primary and secondary shares.

In a disclosure to the Philippine Stock Exchange, IPVG said it signed yesterday an agreement with   GEM Global Yield Fund Ltd., GEM Investment Advisors and Elite Holdings for the sale of up to 30 million shares.

Enrique Gonzalez, chief executive officer of IPVG, said proceeds from the sale will be used by the group for its future business activities and engagements, and the expansion of its operating subsidiaries.

“This investment provides IPVG financing for expansion and for the organic capital requirements of our business subsidiaries. We welcome GEM’s entry into our company as they bring with them a strong track record in private equity and capital markets from their investment activities around the world,” Gonzalez said.

“Despite a challenging global macro environment, this deal is evidence that well run companies can attract smart capital,” Gonzalez added.

The GEM Group (Global Emerging Markets) is a $ 2.7-billion alternative investment firm engaged in the management of a diverse set of investment tools centered on emerging markets all over the world. It has offices in London , New York , Paris and Hong Kong .

The GEM Group has completed more than 230 transactions representing investments in over 200 companies in 45 countries across the world.

Aside from IT and online gaming, IPVG also has interests in the telecommunications and business process outsourcing sectors. It has established presence in the Philippines, Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA.