PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .

Real estate group to buy 79% of IP Convergence

Published : Wednesday, June 20, 2012 00:00 [ ]

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.

real estate central philippines
Copyright ©2008-2018