SOFTWARE company iRipple Inc. on Wednesday said it will sell all its operating assets and will transform itself into a holding company.
The company said in its disclosure to the Philippine Stock Exchange that the decision to sell most of its assets to a third party was made by its board of directors on December 16 and authorized its president, Victor Javier, to negotiate, execute and sign agreements on the sale.
“The company shall sell substantially all its assets to a third party in preparation for a contemplated change in primary purpose of the company, i.e., holdings corporation,” it said.
“The specific terms of the sale are yet to be determined. These terms shall be disclosed immediately upon reaching a concrete agreement with the third-party buyer.”
The assets involved all cash and cash equivalents, trade and other receivables, inventories and equipment. It said the value of assets and liabilities will be disclosed upon reaching the final terms of agreement, while the sale will be ratified by its stockholders during their meeting, scheduled for February next year.
Shares of iRipple was up 6.5 percent and was last traded at P74.
iRipple was incorporated on November 21, 2000, to establish software-solution projects and related businesses, as well as to engage in trading of computer hardware and software products. It started commercial operations in January 2002, while on September 28, 2012, the subsidiary was incorporated in Malaysia.
The company is the developer of Barter Merchandise Management Solution, a locally developed software designed to support the entire merchandising operations of businesses engaged in the buying and selling of goods.
It integrates point-of-sale transaction data with back-office business functions.