Makati–(PHStocks)–IPVG Corp. (PSE: IP) and Conqueror Space Ltd have signed a Memorandum of Understanding (MOU) for IPVG to acquire 100% of New Wave Resources for PhP2.8 billion. The MOU is subject to certain conditions, such as shareholder approval, due diligence and a valuation report from an independent third party.
As part of the MOU, Conqueror Space has also signed a subscription agreement for PhP2.8 billion shares of IPVG at PhP1.00 per share to enable the company to finance the acquisition. The subscription of the PhP2.8 billion shares will come from the increase in the company’s authorized capital stock from 2 billion to 10 billion shares as approved by the Board on 20 January 2012, and to be presented to the shareholders for approval on the scheduled meeting on 17 April 2012. This acquisition gives IPVG exclusive rights over a strategic relationship with a leading builder and operator of refineries in China. Conqueror Space has remitted the investment amount as stipulated in the Subscription Agreement.