Gaming firm eyes hotel, leisure venture

Listed video game company IP E-Games Ventures Inc. is planning to expand into the growing hotel and leisure industry.

The company said in a disclosure to the Philippine Stock Exchange that it would hold a special stockholders’ meeting to formally approve the amendment in its primary purpose as well as a change in its corporate name to reflect its new businesses.

“The board approved the amendment of Article II of its Articles of Incorporation to expand the primary purpose of the corporation to include food and beverage, entertainment and hotel and leisure,” IP E-Games told the local bourse.

The company said it delegated to its executive committee “the authority to study and approve the selection of the new corporate name.”

The company said its special stockholders’ meeting would be held on March 22 at 3:30 p.m. IP E-Games has a modest public float of 5.3 percent, which means more than 94 percent of the firm’s shares are held by its controlling shareholders.

The amendments in its incorporation papers were approved by its board in a special meeting held Thursday.

Last year, IP E-Games acquired several Internet cafe chains in a bid to diversify its revenue stream. More than two thirds of all Filipino users still access the web through Internet cafes.

The company also recently signed a content acquisition deal with international game publisher Blizzard Entertainment, a transaction that the company said would “change the landscape of Philippine gaming.”—Paolo G. Montecillo