In a disclosure to the Philippine Stock Exchange, iRipple said the terms and conditions as well as the manner of sale have yet to be finalized.
"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)," iRipple said.
Its shares rose 5.19 percent to close at P73.10 each, surpassing the stock's 52-week high of P73 and bucking the benchmark index's nearly 3 percent drop.
"The new company will build the future of retail technology for the Asian market," iRipple chief finance officer Karlo Tablizo said in a text message, but stopped short of identifying possible backdoor listing prospects.
iRipple operates, develops, manages and provides software solution projects and related businesses as well as trades computer hardware and software products. It started commercial operations in January 2002.
The company developed BarterMerchandise Management Solution (MMS), a software solution designed to support the entire merchandising operations of businesses engaged in the buying and selling of goods.
At end-2013, iRipple deployed Barter in more than 1,100 branches nationwide, while the Barter point-of-sales (POS) Solution has been installed in approximately 5,000 units.
iRipple is an authorized reseller of IBM and HP servers and POS equipment, Epson printers, and Symbol-Motorola scanners. Under the re-seller agreement, the listed company is charged at dealer prices while supplying IBM and HP POS equipment, Epson printers and Symbol-Motorola scanners to their Barter clients at a margin.
source: interaksyon.com
