IPVG ready to implement restructuring plan

IPVG Corp. on Thursday has announced the mechanics for its restructuring plan and its readiness to begin its implementation. "The restructuring plan addresses the current market valuation of the company, which does not represent and offers a significant discount to the company's actual underlying value," the company said in a statement to the Philippine Stock Exchange. IPVG said the new company will have the same shareholding structure as IPVG. The restructuring will also pave the way for IPVG's minority shareholders to receive free shares of the new company in the same proportion as their shares. IPVG management noted that the restructuring plan would optimize the value of the company as it plans to inject an operating business into the listed company. Early this month, IPVG shareholders agreed to transfer 12 IPVG subsidiaries under a new company, while the listed firm will become an operating company. Included among IPVG subsidiaries were IP E-Game Ventures, which handles its online gaming business and Internet cafe network and e-payments provider i-Pay Commerce Ventures Inc., an authorized Western Union agent for money transfer. IP E-Game Ventures owns five Internet cafe chains in the country, including Station 168 and iHooked, CyberOne Technology Corp., I.T. Log Park Inc., and Netopia operator Digital Paradise Inc. -- CMA/OMG, GMA News