IPVG set to buy 3D animation outfit

MANILA, Philippines - Listed information technology firm IPVG Corp. is expanding its business process outsourcing (BPO) operations with the forthcoming acquisition of a 3D animation design outsourcing company.

In a disclosure to the stock exchange, IPVG, which had voluntarily halted the trading of its shares last November, said the acquisition involves a 51% stake in Lucid Multimedia Tech, Inc.

With the conclusion of the negotiations, the company will resume the trading of its shares next month.

“The Board of Directors discussed the status of the pending negotiations by IPVG and third parties and approved the lifting of the voluntary trading suspension of trading of IP stock on or before Feb. 16,” the company said in its disclosure.

The company likewise approved an equity restructuring, in coordination with the company’s external auditor, to wipe out up a deficit of up to P400 million from the company’s additional paid-in capital.

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