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IPVG Corp. told the Philippine Stock Exchange (PSE)
on Monday that it would sell shares to its stockholders as an option
to private placement to raise funds.
In a disclosure, the company said
its executive committee recommended to the board of directors the
approval of a stock rights offering. In an e-mail, Enrique Gonzales,
IPVG chief executive, said “we are looking at two scenarios for
the said shares, either as a private placement or rights issuance.
We have not yet determined which one at this time as we will need to
reconvene and discuss in our next board meeting.”
The company is looking at selling
each share for not less than P1 and a total of about 57 million
shares.
In June, IPVG stockholders
approved the amendment to its articles of incorporation and the
increase in authorized capital stock from P800 million to P1
billion.
The company, however, clarified
that this stock rights offering is not related to the earlier
disclosure that it is currently negotiating with private investors
that initiated the voluntary suspension of trading IPVG stocks with
the local bourse.
On October 21, IPVG asked the PSE
for a voluntary suspension to avoid “any misinformation and undue
speculation” regarding its talks with two investors “in other
jurisdictions, one of which is a listed company.
The company expected to conclude
the talks within seven trading days. IPVG later asked PSE for an
extension for trading halt until the transactions have been
concluded.
--Likha Cuevas-Miel
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