February 16, 2012

After selling its industry-leading online gaming subsidiary on Tuesday, tech conglomerate IPVG appeared to be slowly walking away from its ICT roots when it announced on Thursday that it is entering the mining refinery business.

IPVG chief Enrique Gonzales

In a disclosure to the Philippine Stock Exchange, the company said its board of directors has amended the primary purpose in its articles of incorporation to allow the firm to establish a refinery in the Philippines to refine precious metals intended primarily for export.

In line with the company’s new business, the board also approved a P2.8-billion acquisition of a “foreign company” that has a large refinery base in China.

The acquisition cost will…