In a filing to the Philippine Stock Exchange, IP e-Games said it plans to acquire I.T. Log Park Inc. which operates a 32-branch network.

The company said it signed an agreement to buy 75 percent of I.T. Log within the next 60 days, although subject to due diligence. Most of I.T Log’s cafés are open 24 hours and accommodates 10,000 customers daily, the company said.

In April, IP e-Games acquired a majority stake in Digital Paradise Inc., operator of the Netopia chain of Internet cafés.

Digital Paradise, at the time, had 78 company-owned branches and 34 franchised outlets and claims to serve 1.5 million customers daily.

IP E-Games shares, a unit of listed technology firm IPVG Corp., declined 2.27 percent to P15.50 each on Thursday. 

(Miguel R. Camus)