LISTED technology services company Xurpas, Inc. plans to sell its 21.17% stake in Singapore-based mobile gaming company Altitude Games Pte. Ltd., the company announced on Tuesday.
“The sale of the assets and business of Altitude Games will be made effective upon signing of the definitive agreements,” the company said in a regulatory filing.
“[It] will receive the proceeds from the sale and discharge of liabilities, upon completion of certain deliverables,” it added.
The company said that Altitude Games had approved the sale of its assets to an Australian based company, which includes its intellectual property and licenses. The company did not disclose the name of the buyer. The sale of assets will result in Xurpas receiving a net proceed of $900.982.04, which will cover the payment of convertible debt and the corresponding equity stake.
In February, the company’s board of directors approved the establishment of a new subsidiary in Australia.
According to the company, this will provide a new market to offer its products and services.
“Xurpas will offer a range of [information technology] services through the new subsidiary, ranging from staff augmentation and managed services to bespoke software development, among others,” the company said in a separate disclosure.
The company posted an attributable net loss of P5.05 million for the nine-month period ending Sept. 30 last year.
Revenues for the period decreased 6.6% to P174.49 million from P163.75 million previously. — Adrian H. Halili