MANILA, Philippines - Publicly-listed gaming concern IPE-Game Ventures Inc., a unit of publicly held IPVG Corp., is beefing up its capital to P50 billion to accommodate the entry of new investors and to raise equity to bankroll its venture into the gaming tourism business.
In a disclosure to the Philippine Stock Exchange (PSE), IPE-Game Ventures alternate corporate information officer Juname de Leon that the company’s stockholders approved the capital restructuring during a special meeting last Tuesday.
De Leon said the company would raise its authorized capital to P50 billion consisting of five trillion shares with a par value of one centavo from the existing P300 million comprised of 30 billion shares with a par value of one centavo.
Proceeds of the issuance of new shares, according to De Leon, would be used to buy into large gaming and resort development projects.
The stockholders of IP E-Game Ventures last year approved to amend the company’s primary purpose to include food and beverage, gaming, entertainment as well as hotel and leisure.
It announced plans to invest in casino operations in the Cagayan Special Economic Zone and Freeport after spinning off bulk of its video gaming assets to a subsidiary it co-owns with former rival Level Up!,
E-Games, through wholly-owned unit RAN Online, has acquired 36,000 square meters of land at the planned casino complex in the Cagayan Special Economic Zone. The casino offers a full range of game offerings such as blackjack, baccarat, craps, roulette and slots.
The company is looking at acquiring another property worth about P70 million also in Cagayan as well as two more properties in Metro Manila and in a popular tourist destination in the Philippines.