IPVG diversifies into agriculture
By Paolo G. MontecilloPhilippine Daily Inquirer
Publicly listed IPVG Corp. has signed an agreement to acquire a foreign exporter of high-quality seafood and other aquaculture products, according to a disclosure to the Philippine Stock Exchange.
“The transaction contemplated may involve the issuance of primary shares, the sale of secondary shares, and the acquisition of profitable business assets,” IPVG told the bourse.
In line with the planned acquisition, the company’s management said it would recommend in a special stockholders’ meeting this week the amendment of the primary purpose of the company to include seafood, aquaculture, seafood processing and agriculture.
“The amendment is in line with the company’s strategic direction and focus on natural resource plays,” the company said.
IPVG declined to identify the company it was in talks with.
“The groups are entering into advanced stages of discussions including due diligence. The transaction is under strict confidentiality,” IPVG said. “A comprehensive disclosure will be made at the appropriate time when definitive and closing agreements are reached.”
Last May, IPVG shareholders approved to amend the firm’s Articles of Incorporation to allow the company to establish a refinery in the Philippines to refine metal ore and minerals, among other planned ventures.
“The move was IPVG’s initial step into establishing the company as a natural resources play,” the company said.
Last May, IPVG partnered with Canadian mining firm REC for the construction of a $250-million mineral refinery in the Philippines. The facility is expected to be completed in 2015.
Once completed, it can process 3,000 metric tons of minerals a year.
“IPVG intends to export most of its finished products to countries such as Japan, Korea, the United States and Europe, where the products are in high demand,” the company said.
Based in Vancouver, REC was formed to meet growing demand for strategic and rare minerals in international markets by building processing facilities in key locations around the world.
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Tags: Agriculture , Business , diversification , IPVG Corp. , Philippines
