A unit of listed media giant GMA Network Inc. has agreed to subscribe to shares of publicly traded IP E-Game Ventures Inc. when E-Game decides to hold its mandated initial public offering (IPO).

E-Game said in a statement on Wednesday that GMA New Media Inc. has agreed to subscribe up to P130 million worth of shares of E-Game. Details on the IPO such as size and timing were not released.

“Our IPO date will be disclosed soon,” E-Game Chief Executive Officer Enrique Gonzalez  said in a text message on Wednesday.

E-Game is still required to hold an IPO after it listed its shares by way of introduction early last year. This type of listing does not involve the raising of funds like an IPO, however, the exchange requires an initial share sale to be completed within 12 months of listing.

E-Game and GMA New Media are joint-venture partners in X-Play Online Games Inc., a casual online games division of E-Game and the local publisher of video games like “Audition Dance Battle” and “Band Master.” The agreement includes an option for E-Game to acquire GMA New Media’s stake in X-Play within one year.

E-Game has expanded its presence among online gaming users through the acquisition of Internet cafes.

Since April, it closed deals to acquire the Netopia and CyBr Internet café chains, giving it a total of 130 branches. The company plans to quadruple that figure in three to five years, the disclosure showed.

E-Game, whose public float stands at 5.3 percent, rose 1.15 percent to P26.50 each on Wednesday.