IPVG transfers assets to new firm

Technology holding firm IPVG Corp. has completed a restructuring program that spun off substantial assets into a new company, leaving the publicly listed shell company wide open for the infusion of “attractive” new ventures.

Tycoon Enrique Razon Jr., who is shopping around for a backdoor-listing vehicle for an ongoing $1.3-billion integrated gaming and tourism project at the Pagcor-initiated Entertainment City along Manila Bay, was among those interested in taking over IPVG, industry sources said.

IPVG announced late Tuesday that it had completed the sale of substantially all of its assets to a new company, IP Ventures Inc., pursuant to a restructuring plan approved by its shareholders last July. IP Ventures has exactly the same ownership structure as that of IPVG Corp.

“With the completion of our restructuring, we are now prepared to realize two key benefits,” IPVG chief executive officer Enrique Gonzales said in a statement. “Firstly, we will be raising capital through IP Ventures and secondly, we will be maximizing the value of our listed company through the injection of an attractive business asset.”

Asked about talks that Razon was looking at one of IPVG’s companies, Gonzales did not rule out the tycoon’s interest but noted in a text message that nothing was “definitive” so far.

In accordance with the restructuring, IPVG’s minority shareholders will receive shares of the new company, IP Ventures, by way of donation from IPVG’s majority shareholders.