Velarde Inc to subscribe to increase in ICTV capital

MANILA, Philippines - Velarde, Inc. will subscribe to the P4 billion increase in the authorized capital stock of publicly listed Information Capital Technology Ventures, Inc. (ICTV).

Following the recent approval by the board of directors of ICTV of the company’s increase in authorized capital stock from P1.32 billion to P5.32 billion, Velarde Inc. is expected to subscribe to one billion shares out of the increase in authorized capital.

Velarde Inc. is the holding company that acts as the vehicle for most of businessman Mel Velarde’s investments.

ICTV is undertaking an equity fund-raising exercise in order to finance its new ventures and product services. This increase entails an amendment of the company’s articles of incorporation. This amendment is expected to be presented for approval by the shareholders of ICTV at their next annual meeting on June 3, 2010.

The board earlier approved the transfer of ICTV from the second board to the first board of the Philippine Stock Exchange (PSE) as well as the listing of additional shares from the increase in authorized capital stock.

ICTV is a company listed in the Philippine Stock Exchange and is in the business of providing telecommunications, media and information technology (TMT) products and services, such as but not limited to the research, development, production, management, marketing, and operation of the following: telecommunications value-added service through companies duly licensed to engage in wired and wireless, fixed and mobile communications; software and hardware technology, business process outsourcing, call center and other information technology applications; digital media and other media except mass media.

Company officials said the increase in ICTV’s authorized capital stock by P4 billion to P5.32 billion from P1.32 billion would allow infusion of fresh capital in the company. ICTV is undertaking an equity fund raising exercise in order to finance its new ventures and product services.

ICTV vice chairman Mel Velarde earlier noted that their collective competencies in these fields of TMT provide them with unique advantages to exploit the potentials of TMT, specifically business process outsourcing that has been a fast growing industry in the Philippines.

Velarde said they will leverage their TMT knowledge to become a leader in the BPO space, adding that ICTV and its principals are committed to put serious money in that industry.

Velarde, Inc was recently awarded by the Bureau of Internal Revenue (BIR) as Top ONETT Taxpayer for BIR Revenue Region (RR) No. 8, with the highest tax payment for calendar year 2009.