Investment group to acquire stake in IPVG

MANILA, Philippines - Listed technology firm IPVG Corp. has sought new funding through the entry of UK-based private investments groups in the company. In a statement, IPVG said it executed an investment agreement on Wednesday with private investment groups GEM Global Yield Fund Limited, GEM Investment Advisors Inc. and ELITE Holdings Inc. The agreement states that IPVG granted the GEM group the right to subscribe and to purchase from existing shareholder ELITE shares in the company for up to an aggregate value of P300 million. IPVG said the funding will be used for its “future business activities and engagements, and for the expansion of its operating subsidiaries." The investment, which is for primary as well as secondary shares, involves IPVG and ELITE, one of the principal shareholders. The Agreement likewise provides that IPVG shall issue to GEM or to GEM’s order, one or more warrants to subscribe for up to 30-million shares. 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 is a UK-based fund management group with offices in London, New York, Paris and Hong Kong. The Group has completed more than 230 transactions representing investment in over 200 companies in 45 countries across the world. IPVG is currently in the business of IT&T, online gaming, business process outsourcing (BPO), payment solutions, mobile content development and digital animation. It is aggressively expanding its business operations and now has eight subsidiaries. From the Philippines, it has established its presence, through its subsidiaries, in Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA. GMANews.TV