IP Converge divests shares in IT services unit

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IP Converge, which uses the ticker ?cloud? in the Philippine Stock Exchange (PSE), disposed of its shares to its parent company IP Ventures Inc. (IPVI) for a total consideration of P221 million. The disposal of the shares prompted IP Converge to ask the PSE to suspend the trading of its shares on Tuesday to ?give the public sufficient time to digest the disclosure.? IP Ventures is currently in the midst of a transformation into a mining-focused company. Its absorption of IPCDSI is expected to shore up its portfolio and accept new investment to finance its foray into mining. ]]>

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