Philippine-based international retail tech company iRipple Inc, as part of its corporate restructuring exercise, has informed the the Philippine Stock Exchange (PSE) that it plans to sell off its operating assets and assignment of liabilities.
The company’s board of directors have authorised its president Victor Javier to lead the negotiations.”[The sale] is in preparation for a contemplated change in primary purpose of the company, that is a holding corporation,” iRipple said in its PSE disclosure.
iRipple, which has subsidiaries in Thailand and Malaysia, provides fully integrated point-of sale software, retail management systems and inventory management.
The software solutions firm, in its disclosure to the exchange , said that it is looking for a third party to sell assets at terms and conditions to be negotiated and finalised.
The assets involves cash and cash equivalents, trade and other receivables, inventories, property and equipment and other assets. A specific description of the assets shall be provided upon finalisation of the terms of the sale.
However, the manner and specific terms of the sale are yet to be determined and the value of assets and liabilities will be disclosed after that.
iRipple’s traded price (at the time of filing this feature) was P77.70 which is up by P8.20 (11.80%) compared to yesterday’s closing at P69.65.
iRipple was incorporated in 2000 to establish, operate, develop, manage and provide software solution projects and related businesses as well as to engage in trading of computer hardware and software products. The company started commercial operations in January 2002. In 2012, iRipple incorporated its Malaysia and Thailand subsidiaries.