Companies

LISTED IP E-Game Ventures Inc. is selling its core game publishing business to its chief competitor, Level Up! Inc. (LUI), in exchange for equity and cash just two weeks after saying it plans to diversify into new sectors that may include food, entertainment and hotels.    

E-Games said in a Philippine Stock Exchange filing on Tuesday that it has reached an agreement with LUI to transfer “most” its titles and assets relating to the game publishing business to LUI. Publishing operations of E-Games will also be spun-off to LUI subsidiary Playweb Games Inc.

A BUDGET airline based in South Korea will cease mounting flights to Kalibo starting tomorrow.

Civil Aeronautics Board (CAB) Executive Director Carmelo Arcilla said Jin Air’s permit issued by the board is good only up to February 15. The permit allows Jin Air to service the Incheon-Kalibo route. Jin Air’s permit until February 15 is already an extension of its original permit issued by the CAB.

DAVAO CITY— Listed Phoenix Petroleum Philippines was named one of top oil importers in the country, as applications for new dealership swarmed the Davao City-based oil independent oil firm.

The Bureau of Customs listed Phoenix Petroleum in the seventh spot of the country’s top importers for 2011, after paying a total of P3.69 billion in taxes to the government.