Casual mobile games developer and mobile content provider Xurpas Inc., based in Manila, has put up a wholly owned unit that will provide mobile enterprise solutions to businesses. In a disclosure to the Philippine Stock Exchange on Wednesday, Xurpas said its board has approved the creation of another company called Xurpas Enterpirse Inc.
Xurpas will subscribe to some 4.99 million shares of the newly organized subsidiary with a 99.9-percent interest. “Xurpas Enterprise shall leverage the extensive mobile technology expertise across the corporation and its affiliated companies to help its clients mobile-enable their business,” the company said.
The company, which creates casual mobile games catering exclusively to phones powered by the Android operating system, has been expanding to the technology sector by undertaking a series of acquisitions since its market debut in 2014.
So far, it has acquired interest in eight firms. These include a 4.8-percent stake in US start-up Quick.ly; a 21.7-percent shareholding in Singapore-based Altitude Games; a 51-percent controlling stake in local HR-tech firm Storm Flex Systems; a 49-percent stake in PT Sembilan Digital Investama, owner of Indonesian mobile content company Ninelives; a 31.52-percent ownership in Singapore-based multiplayer games platform MatchMe Pte. Ltd.; and a 70-percent stake in Seer Technology Inc.
It also has a 67-percent interest in Xeleb Inc., a local company that Xurpas pioneered, and a 51-percent stake in Yondu Inc., which had Globe Telecom Inc. as its prior majority owner.
Xurpas was one of the high-flying stocks when it listed on the PSE at an initial public offering price of P3.97 per share. It raised some P1.36 billion from its IPO.
Last year, however, its share price declined over speculations that its majority owners may further sell out of the company as Xurpas tries to raise funds to finance its ventures into the technology sector instead of focusing on creating casual games. Based on its disbursement report as of the end of last year, Xurpas still has P56.72 million of the funds raised from the proceeds of its IPO. For the first nine months of 2015, the company’s net income increased by 10 percent to P162.38 million from P147.49 million in the same period a year before.
Source and first seen at: The Manila Times
