Published : Wednesday, June 20, 2012 00:00 [ manilatimes.net ]
Written by : MADELAINE MIRAFLOR
REPORTER
IP Ventures Inc. (IPVI), together with
IPVG Employees, is set to sell almost 80 percent of IP Converge Data Center
Inc. to Januarius Resources Realty Corp., IHoldings Inc., and Kwantlen
Development Corp. collectively referred as the 8990 Group.
According to a disclosure to the
Philippine Stock Exchange, IPVI has entered into a share purchase agreement to
sell a total of 79.507 percent of the outstanding capital stock of IP-Converge
to the 8890 Group.
IPVI said in a statement that the 8990
Group is one of the few major real estate developers in the Philippines with
housing projects throughout the country.
8890 Group is in the process of
developing 15 projects in Cebu, Davao, Iloilo, Pampanga and other major hubs in
the Philippines. Besides housing, the group is also involved in resort and
hotels.
At the end of 2011, the 8890 Group
achieved revenues of about P2 billion and for 2012, it forecasts its total
assets to surpass P7.3 billion with a net income after tax in excess of P500
million.
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