IP E-Game Ventures, Inc. said on Friday that its executive committee decided to partly divest from non-core business Digital Paradise, Inc. (DPI), which has not contributed income to the listed company.
The committee derives its authority board decision on Oct. 25, 2012 to authorize and direct the executive committee to evaluate the potential sale or divestment of its non-core assets.
“DPI has been considered a non-core asset of the Issuer. It has not contributed income to the Issuer. The business of DPI is not in the core business of the Issuer,” IP E-Game Ventures said.
It said at the time of the divestment, the divested shares worth nearly P63 million represented 1.86% of the company’s total assets of about P3.17 billion.
The listed company said the decision to divest comes after the rationalization of its operations.
It said a deed of assignment was executed in favor of Y-Fi Business Solutions, Inc., covering 62,928,454 DPI shares at the par value of P1.00 per share. — Victor V. Saulon
