IPVG sells IP Converge to veer further away from tech roots

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IP Converge Data Center, an operator of data centers, is listed in the Philippine Stock Exchange (PSE) with the ticker ?Cloud?. In the disclosure, IPGV said its units IP Ventures Inc. and IPVG Employees Inc. (IEI) have entered into a purchase agreement to sell a total of 79.507 percent of the outstanding capital stock of IP Converge Data Center to Januarius Resources Realty Corporation, Iholdings, Inc. and Kwantlen Development Corporation (collectively referred to as the 8890 Group). ?In relation to the intended acquisition of 176,400,000 Cloud Shares, 8890 Group informed the Corporation that it will be conducting a Mandatory Tender Offer to acquire Cloud shares at P0.9524 per share,? the disclosure revealed. IPVG then asked the PSE for a trading halt of its shares to give the public sufficient time to digest the said disclosure. The suspension of the trading was lifted after one hour. ]]>

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