IPVG to own RAN online

Listed IPVG Corp. will end up owning the outfit that operates network game RAN following the completion of its shares swap with online gaming pioneer and RAN licensor James Huang, the listed firm said. IPVG said it would issue up to 4.17 million shares of common stock amounting P20.85 million to Mr. Huang in exchange for his 5% share in Ran Online Philippines, Inc. IPVG corporate secretary Maria Eleonor A. Santiago said this was approved by the company’s board of directors in its special meeting. However, the issuance is subject to valuation report of an independent third party. The valuation will then be subjected to approval by the Securities and Exchange Commission and the Philippine Stock Exchange. "It (shares swap) will enable the company to take full ownership of the RAN Company. There will be no more need for the company’s subsidiary, IP E-Game Ventures, Inc. to remit five 5% of the profits of the Ran Online game to the licensor/James Huang," Ms. Santiago said. A subsidiary of IP E-Game Ventures, Ran Online Philippines’ primary purpose is to engage in the business of interactive gaming and content distribution as well as to provide other value-added services to any and all types of technology users related to interactive computer games and content distribution. Mr. Huang collaborates closely with foreign companies for online game development, production and operation. He is the founder, incorporator and chief executive officer of Goldsky Access International, Inc. He also sits on the board of directors of Gonzo Rosso Online. Ms. Santiago said both companies are engaged in interactive gaming and content distribution. Ms. Santiago said the shares that would be used for the swap would come from the authorized and unissued portion of the authorized capital stock of IPVG. "The approval of the proposed transaction is subject to the issuance of an independent valuation report/fairness opinion. As mentioned, the transaction has not yet been consummated," she said. - Ruby Anne M. Rubio/BusinessWorld