Tech firm sells majority stake in IT provider for P501M in cash

Technology firm Xurpas Inc. has given up its majority stake in IT solutions provider Yondu Inc. and its celebrity-themed mobile gaming business under Xeleb as part of its group-wide restructuring.

Xurpas sold back 51 percent of its shares in Yondu Inc. to partner Globe Telecom for P501 million in cash, returning Yandu as a fully-owned subsidiary of Globe.

Alexander Corpuz, Xurpas president, said in a disclosure to the Philippine Stock Exchange on Wednesday that the move would “provide additional liquidity” retire debts and allow the company to “focus on high-value, emerging, innovative and disruptive technologies and platforms.”

Xurpas also got approval from its board to dissolve Xeleb Technologies Inc. and Xeleb Inc., which have had no significant contribution to the Xurpas group.

Xurpas said its mobile consumer business substantially weakened due to the new policies implemented by telcos for all value-added service providers./TSB