IPVG to list subsidiary IP Converge

Technology firm IPVG Corp. will soon list its subsidiary, IP Converge Data Center Inc., on the Philippine Stock Exchange (PSE). IPVG told the PSE late Wednesday that its board approved the plan of IP Converge to list its shares on the PSE. IPVG president Jaime Enrique Gonzales Jr. said IPVG would list the unit on the PSE so that it can make its own fund-raising activities. IP Converge is engaged in providing data storage services to local companies in industries like telecommunications and finance. IP E-Games has scheduled its IPO for the first quarter of next year, with plans to raise around P500 million to fund expansion activities. It also plans a stock rights offering to beef up its cash reserves. In the same regulatory filing, IPVG announced a tie-up with global money transfer giant Western Union for a local remittance service. "Under the agreement, Western Union has agreed to let IPVG subsidiary IP Commerce Ventures Inc. (IPCV) to offer in the Philippines Western Union-branded money transfer services," IPVG noted. IPCV is the payment and remittance services subsidiary of IPVG. —JE, GMANews.TV