MANILA, Philippines - eListed IPVG Corp., through its affiliate Conqueror Space Ltd., has inked a memorandum of understanding with a Canadian-Chinese firm, allowing it to build and operate mineral refineries in India.
In a disclosure to the Philippine Stock Exchange, IPVG said that its affiliate Conqueror Space Ltd. would have access to the skills and expertise of the Canadian-Chinese firms, which has had a long history of building and operating mineral refineries in China.
Last February, IPVG was granted the exclusive rights to engage in the business of refining metal ores and other minerals in the Philippines.
The MOU for the Indian operations will allow IPVG to expand overseas in potentially larger, more lucrative markets.
Last month, IPVG signed a MOU to acquire 100 percent of New Wave Resources, a company affiliated with a leading refinery in China, for P2.8 billion.
The MOU is subject to the approval of shareholders in a meeting scheduled next month, the completion of due diligence and a valuation report from an independent third party.
As part of the agreement, Conqueror Space will subscribe to P2.8 billion worth of shares of IPVG at P1 apiece to allow the latter to finance the acquisition. The shares will come from the increase in IPVG’s authorized capital from P2 billion to P10 billion as approved by the company’s board on Jan. 20, 2012.
This move follows the successful restructuring of IPVG last year, which involved the sale of all or substantially all of its assets to a new privately-held firm, IP Ventures Inc.
IP Ventures Inc. has the exact same ownership structure as that of IPVG.
Among the assets transferred to IP Ventures include IP E-Game Ventures (the group’s onling gaming subsidiary and operates the largest network of internet cafes in the Philippines), IP Converge Data Center Inc. (the only listed data center company on the PSE). and I-Pay Commerce Ventures Inc. (the fastest growing diret agent of Western Union in the Philippines).
IPVG was established in 1964 and was engaged initially in information technology and telecommunication, online computer games and business process outsourcing.