Xurpas acquires stake in Singapore game developer

Newly listed mobile content provider Xurpas Inc. has acquired a 21.7-percent stake in Singapore information technology (IT) firm Altitude Games Pte. Ltd. as part of its bid to expand to other markets in Southeast Asia.

In a disclosure to the stock exchange, the company said the transaction involves 24.7 million shares bought at a price of $0.03 per share for a total consideration of $740,800 (P32.97 million) in cash. The deal will be financed from the P1.24 billion proceeds raised from the company’s initial public offering.