IP E-Game Ventures, Inc. has signed agreements for the acquisition of shares in two companies to support its expansion efforts.
In two separate regulatory filings, IP E-Game said it had executed term sheets for the acquisition of 60% of the capital stock of Fastcash Remittance, Inc., and for a minimum of 47% up to 80% of the capital stock of I-Pay Commerce Ventures, Inc.
The company said the target value of its term sheet with Fastcash is at $3.6 million.
“Selling shareholders of Fastcash will receive payment in the form of IP E-Game shares translating to approximately 6.04% of its shareholdings post-issuance,” the disclosure said.
“On the other hand, IP E-Game will acquire all the shares held by the Philippine shareholders of Fastcash, which in turn will translate to 60% ownership in Fastcash,” it added.
According to the disclosure, Fastcash is a special purpose vehicle that controls 60% of MYEG Philippines, a payment service provider that operates an over-the-counter network of 50,000 locations and offers credit card, debit card, and e-wallet payment processing capabilities.
“With the growth of online transactions, MYEG Philippines’ payment gateway is poised for continuous growth,” the disclosure said.
Meanwhile, the company said I-Pay’s selling shareholders will receive payment in the form of IP E-Game’s shares translating to around 4.03% to 6.67% of its shareholdings post-issuance.
IP E-Game said I-Pay is a foreign exchange and remittance company that operates a sub-agent base in almost 1,000 physical locations.
According to its website, I-Pay provides e-payment services for major government agencies in the Philippines, adding that it is a direct agent of Western Union.
IP E-Game said it acquired shares in I-Pay since it sees that remittances will continue to be a pillar of the Philippine economy.
“Remittances are a key driver in private consumption expenditure, benefiting a wide range of sectors such as retail, housing, telecoms, education, and consumption tax,” the disclosure said. — Revin Mikhael D. Ochave
