In a disclosure to the Philippine Stock Exchange, IPVG said an agreement had already been signed by the two parties.
IPVG said "the purchase signifies the consolidation and strengthening of IPVG’s shareholder base, and gives a clear indication of the growing following for IPVG among local investors."
IPVG, which is mostly into online gaming and data center operations, recently raised its capital stock from P500 million to P800 million.
The company earlier signed a deal with Singapore-based regional gaming firm Infocomm Asia Holdings Pte. Ltd. (IAH) giving the latter an option to buy shares in IPVG subsidiary IP-E Games Ventures Inc. within 15 months from date of execution of the agreement.
IP-E Games is the leading online games publisher in the Philippines. Among its strategic minority investors include The Philippine STAR Group and EStore Exchange, an affiliate of GMA Broadcasting Corp.
Under the proposed deal, IPVG and its shareholders will also have the option to purchase shares in IAH or a publicly-listed company owned and controlled by IAH.
IAH aims to become the leading operator and distributor of online games in Southeast Asia through strategic alliances with other online games operators in the region. It has obtained exclusive rights to two top-rated massively multiplayer online games (MMOG) in the region.
IPVG, on the other hand, has the exclusive rights to publish E-games portal of Terra ICT in the Philippine market. Its subsidiary IP-E Games has rights to Ran Online, the leading MMOG in Taiwan, Malaysia, Hong Kong and Thailand.