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An agreement has been reached today between MBf Group
and a consortium of local investors led by IPVG Chairman, Jaime C.
Gonzalez to acquire MBf's entire holdings in IPVG Corp., through a
special block sale on the Philippine Stock Exchange.
The consortium has agreed to
purchase MBf's holdings, around 12% of IPVG Corp amounting to
US$5,000,000.00 or approximately P250M.
The purchase signifies the
consolidation and strengthening of IPVG's shareholder base and gives
a clear indication of the growing following among its local
investors.
IPVG recorded revenue growth of
1,372% YOY between P9.97M for 1st 3 quarters in 2005 vs P146.75M for
1st 3 quarters of 2006.
IPVG CEO Enrique Y. Gonzalez said
the company will close 2006 with approximately P270M in revenues.
50% contributed by its data center business, and 50% from online
gaming. "Our growth will continue in 2007. We also expect
shifts in the revenue contribution profile as our contact center
operation ramps up in 2007. This will also mean good growth numbers
for shareholders across all our businesses."
IPVG took over 75% of MBf, Inc.
in 2003 through a backdoor listing and infused their technology
business into the listed shell. The company has since acquired an
Internet Data Center, entered the online gaming market, and the
business process outsourcing space. Today, IPVG is one of the
fastest growing technology companies on the country.
--Tech Times
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