Gaming firm raises capital to P50B

Gaming company IP E-Game Ventures Inc. is raising its capital to P50 billion to raise equity for its venture into the gaming tourism business. In a disclosure to the Philippine Stock Exchange (PSE), company information officer Juname de Leon said that the stockholders of the IPVG Corp. subsidiary approved the capital restructuring last week. IP E-Game Ventures will raise its authorized capital to P50 billion consisting of five trillion shares at P0.01 per share from the existing P300 million comprised of 30 billion shares, also with a par value of P0.01. The funds generated will be used to buy large gaming and resort development projects, said De Leon. In 2012, stockholders approved the change in the company’s primary purpose to include food and beverage, gaming, entertainment and hotel and leisure in a bid to capitalize on the growing gaming (casino) sector, which is expected to post $3 billion in revenues by 2015. Through wholly-owned unit RAN Online, E-Games bought 36,000 square meters of land at the planned casino complex in the Cagayan Special Economic Zone and Freeport. It is also looking into buying another property in Cagayan and two more in the National Capital Region. E-Games has already moved its video gaming assets to a company it co-owns with Level Up!, the gaming pioneer with which it merged in March. The merger created the country's largest gaming company, with a 70-percent market share and 37 million registered users. — BM, GMA News