This time, tech group enters seafood biz

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In a disclosure to the Philippine Stock Exchange, IPVG said the transaction contemplated may involve the issuance of primary shares, the sale of secondary shares, and the acquisition of profitable business assets. The groups are entering into advanced stages of discussions including due diligence, the disclosure said, adding the transaction is under strict confidentiality. On May 22, 2012, stockholders of IPVG approved to amend the company?s Articles of Incorporation to change the primary purpose of the corporation allowing the company, among others, to establish a refinery in the Philippines to refine metal ores and minerals. The move was IPVG?s initial step into establishing the company as a natural resources player. The management will be recommending to the IPVG Board on Friday, Sept. 7, to schedule a shareholder?s meeting to amend the primary purpose of the company to include seafood, aqua-culture, seafood processing, and agriculture. The amendment is in line with the company’s strategic direction and focus on natural resource plays. A comprehensive disclosure will be made at the appropriate time when definitive and closing agreements are reached, it added. ]]>

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