BDO Unibank, Inc. - Trust and Investments Group ("BDO Trust") acquired shares from IPE Global, Inc. ("IPE Global"), the parent company of IP E-Game Ventures Inc. ("E-Games" or the "Company"), The purchase was for 910 million shares and increases the Company's public float to roughly 21.5%. The share purchase is subject to certain terms and conditions, which include a lock-up of the shares.
In March of this year (2012), E-Games and Level Up! Inc. merged their Philippine online game publishing businesses, creating the largest gaming company in the country with an estimated 70% market share.
Currently, the Company looks to capitalize on the Philippine Government's thrust in the tourism sector by diversifying into hotel and resorts development. E-Games has already made a strategic investment in a resorts development in Cagayan Economic Zone Authority (CEZA).
Also earlier this year, BDO Trust invested Php 400 million into IPVG Corp., a sister company of E-Games.
