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Manila Bulletin devider Business devider The Stock Market devider Xurpas founders to convert P136-M advances to equity

Xurpas founders to convert P136-M advances to equity

Published Jul 3, 2023 07:10 am
Listed tech firm Xurpas Inc. will be converting into equity a total of P136 million worth of shareholder advances by its founders Nico Jose Nolledo and Fernando Jude Garcia. In a disclosure to the Philippine Stock Exchange, the firms aid the final Conversion Price shall be determined within 30 days, subject to certain conditions. The conditions are mainly that the conversion price shall be above market price and that the conversion price shall be supported by a Fairness Opinion from a qualified third party authority. Nolledo and Garcia provided the company with the advances between the years 2017 to 2019, to provide Xurpas with capital to fund the company’s pivot towards the enterprise market. The firm said The conversion of substantially all of the two founders’ advances to equity improves and strengthens Xurpas’ balance sheet, and reflects the founders’ confidence in the Corporation’s ability to further expand its business. “We have shown steady progress since we shifted our focus to the enterprise segment, and now have distinct products and services catering to customers both in the Philippines and increasingly, overseas,” said Xurpas Chief Technology Officer Fernando Jude Garcia, one of Xurpas’ founders. He added that, “We continue to grow not only our core software development and IT staff augmentation businesses, but have introduced pre-packaged business solutions for SME’s, and will be offering AI consulting and development services to local companies as well.” Xurpas said it  will submit an application with the Securities and Exchange Commission to confirm the equity conversion by securing a confirmation of valuation. The listing of the shares will also be subject to an application with the PSE.
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