IPVG to acquire stake in Chinese refinery for P2.8-B
MANILA, Philippines - Listed technology firm IPVG Corp. announced its foray into refinery business through an indirect stake in a leading Chinese refinery through its purchase of a stake in a foreign group.
In a disclosure to the stock exchange on Thursday, February 16, IPVG said its board has approved the amendment of its primary business purpose to the refinery of oil, gas, metal ores and other products for export purposes.
It said that the firm will also purchase a stake in a firm that has a "strategic relationship with a leading designer, builder and operator of refineries in China for P2.8 billion."
The listed firm will also partner with a Canadian-Mainland Chinese group to carry out the refinery business.
IPVG will then issue 2.8 billion shares at P1 per share and enter into a memorandum of understanding.
In 2011, the technology conglomerate spun off its assets in a bid to restructure its business, in the process, allowing new investors to finance its ventures into new and more profitable businesses.
Last year, IPVG assigned all of its shares in the following listed units to IP Ventures Inc: IP E-Game Ventures Inc., IP Converge Date Center Inc., Prolexic Technologies Inc., PCCW Teleservices Philippines Inc., Megamobile Inc., I-Pay Commerce Ventures Inc., IP Contact Center Outsourcing Inc., IP E-Global Holdings Corp. and Rotherham Consultants Limited. - Rappler.com