MANILA, Philippines - IP E-Game Ventures Inc., the online gaming unit of listed technology conglomerate, IPVG Corp., successfully concluded its P134.18 million rights offering.
In a statement, E-Game said the 4:1 rights offering, which ran from Jan. 24-31, was oversubscribed by nearly four million shares.
Proceeds from the issue will be used to finance planned acquisitions, for working capital and new games.
“The successful rights offering results in a large infusion of capital into the company which we plan to use for acquisitions. We are looking to grow shareholder value substantially this year,” E-Game chief executive Enrique Y. Gonzales said.
E-Games is one of the leading online game publishers in the country, offering a portfolio of online games consisting of Massively Multiplayer Online Role Playing Games or MMORPGs, and casual online games. The company publishes top MMORPGs such as: Ran Online, Cabal Online, and recently launched, Dragonica.
The company also has a strategic partnership with GMA7 to publish its casual online games such as Bandmaster, Superstar, and Operation7.
In December last year, E-Game signed an agreement to acquire ePLDT’s 75 percent stake in Digital Paradise, which operates the Netopia chain of Internet cafes, currently the largest in the country with a total network of 105 cafes nationwide.
E-Game is looking to hold an initial public offering in August or September to fund its continuing expansion program.