By Doris Dumlao
PDI
The UK-based Global Emerging Markets (GEM) group is set to invest up to P300 million in publicly listed technology firm IPVG Corp.
IPVG announced yesterday that it had executed an investment agreement granting GEM Global Yield Fund Ltd. to subscribe to new shares in IPVG, as well as to purchase from existing shareholder Elite Holdings Inc. shares worth up to P300 million.
The agreement likewise provides IPVG to issue to GEM one or more warrants to subscribe for up to 30,000,000 shares in the company.
The proceeds will be used to fund IPVG’s future activities and expansion of its operating subsidiaries, the company said.
“Despite a challenging global macro environment, this deal is evidence that well-run companies can attract smart capital,†IPVG chief executive officer Enrique Gonzalez said.
The GEM group is a $2.7-billion alternative investment firm engaged in the management of a diverse set of investment tools centered on emerging markets all over the world. The UK-based fund has offices in London, New York, Paris and Hong Kong.
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