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IP E-Game to acquire stakeholdings in Fastcash, I-Pay

IP E-Game Ventures, Inc. has signed agreements for the acquisition of shares in two companies to support its expansion efforts.

In two separate regulatory filings, IP E-Game said it had executed term sheets for the acquisition of 60% of the capital stock of Fastcash Remittance, Inc., and for a minimum of 47% up to 80% of the capital stock of I-Pay Commerce Ventures, Inc.

The company said the target value of its term sheet with Fastcash is at $3.6 million.

“Selling shareholders of Fastcash will receive payment in the form of IP E-Game shares translating to approximately 6.04% of its shareholdings post-issuance,” the disclosure said.

“On the other hand, IP E-Game will acquire all the shares held by the Philippine shareholders of Fastcash, which in turn will translate to 60% ownership in Fastcash,” it added.

According to the disclosure, Fastcash is a special purpose vehicle that controls 60% of MYEG Philippines, a payment service provider that operates an over-the-counter network of 50,000 locations and offers credit card, debit card, and e-wallet payment processing capabilities.

“With the growth of online transactions, MYEG Philippines’ payment gateway is poised for continuous growth,” the disclosure said.

Meanwhile, the company said I-Pay’s selling shareholders will receive payment in the form of IP E-Game’s shares translating to around 4.03% to 6.67% of its shareholdings post-issuance.

IP E-Game said I-Pay is a foreign exchange and remittance company that operates a sub-agent base in almost 1,000 physical locations.

According to its website, I-Pay provides e-payment services for major government agencies in the Philippines, adding that it is a direct agent of Western Union.

IP E-Game said it acquired shares in I-Pay since it sees that remittances will continue to be a pillar of the Philippine economy.

“Remittances are a key driver in private consumption expenditure, benefiting a wide range of sectors such as retail, housing, telecoms, education, and consumption tax,” the disclosure said. — Revin Mikhael D. Ochave

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