Tech firm IPVG Corp. aims to raise P400 million in fresh capital in line with its on-going restructuring program, the company said on Friday.
The company said its board had approved the issuance of 400 million common shares, to be sold at a par value of P1 each, through private placement.
The company added that it had signed a subscription agreement with BDO Private Bank Inc., which will serve as trustee for the shares.
“The board further authorized the President and CEO, Jaime Enrique Y. Gonzales, to enter into and sign subscription agreement/s on behalf of the corporation,” the company said.
The transaction is in line with the increase in the company’s capital stock approved last November, the disclosure read.
Trading of IPVG shares was halted for one hour at the start of trading on Friday to give investors time to digest the news.
IPVG shares rose 0.72 percent or to P1.39 each on Friday after trading was resumed. At this share price, the new shares, which represent a third of the company’s expanded capital, is worth P556 million.
The company was mum on the details of its new potential investors.
IPVG used to act as a holding firm for technology-related ventures. Paolo G. Montecillo