Yuchengco IT holding firm acquires Pan Pacific Computer Center

Publicly-listed investment holding company iPeople Inc. of the Yuchengco group has approved the acquisition of a 70-percent stake in information technology service provider Pan Pacific Computer Center Inc. for P2 million.

In a disclosure to the Philippine Stock Exchange, iPeople said the acquisition will be effected through the swap of Pan Pacific shares owned by Great Pacific Life Assurance Corp. with iPeople shares, to be taken out of its unissued capital.

Pan Pacific is a domestic corporation primarily engaged in a wide range of IT services, including data center and operations management, IT infrastructure management, document management services and others.

The board of iPeople has also delegated to the investment committee the determination of the final valuation and the other terms and conditions of the swap.

iPeople, formerly Petrofields Corp., was previously engaged in petroleum and mineral exploration, development and production. However, the company shifted to an investment holding company with the change in business direction and venture into the new economy.

The new name reflects its intent to develop both human resource and technology that provide profitable business opportunities in the information age. This was initially realized by its acquisition of Mapua Institute of Technology followed by IEWorks Inc.

iPeople had likewise signed an agreement with Telsk Ltd. of Korea for the establishment of a contact center in the Philippines. Under the terms of the agreement, each party will invest approximately $2 million into the joint venture.