IPVG plans to take IP Converge public

MANILA, Philippines - Technology and gaming conglomerate IPVG Corp. is planning to take another unit, IP Converge Data Center Inc., public.

IP Converge is an IT and telecommunications company providing a wide array of managed data services and IT solutions to enterprises, institutions and other service providers including Internet data center services, dedicated Internet connectivity, network security, VOIP, and other IT solutions and applications.

In its disclosure to the Philippine Stock Exchange, IPVG said its board approved yesterday the plan of its subsidiary IP Converge to register and list its shares with the Securities andn Exchange Commission and the PSE subject to terms and conditions it may deem favorable.

IPVG is on an aggressive fund-raising program as its online gaming unit IP E-Game Ventures Inc. is also undertaking an initial public offering (IPO) of its shares next year to generate around P500 million. IP E-Game was listed on Jan. 27 by way of introduction.

IPVG’s board likewise announced that its unit I-Pay Commerce Ventures Inc. has signed an agrement with Western Union Network (Canada) allowing I-PCV to offer in the Philippines the Western Union-branded money transfer services. The agreement initially plans to offer services in 200 locations nationwide by the end of the year.