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Business

Xurpas to receive P100 million capital infusion from Nolledo

Iris Gonzales - The Philippine Star

MANILA, Philippines — Listed technology company Xurpas Inc. will receive a fresh capital infusion of P100 million from its founder Nix Nolledo.

The capital infusion would be used to expand Xurpas’ core enterprise business, specifically the information technology staff augmentation business, employee benefits enhancement, research and development, upgrade and replacement of equipment, and general corporate purposes.

Xurpas president Mar Corpuz said that despite the challenging two years, the company has been able to rebuild its revenue base.

“We have made meaningful progress in rebuilding our revenue base by focusing on staff augmentation. Nix Nolledo’s continued support through this infusion will go a long way towards allowing us to further grow the business, while strengthening our balance sheet,” Corpuz said.

He said there have been opportunities for growth, as many companies try to accelerate their digital transformation and other IT initiatives,” Corpuz said.

Xurpas said Nolledo’s subscription price would be based on Xurpas’ 30-day weighted average share price wherein the 25 days prior to signing date and the five days after signing date will determine the calculation.

The subscription price is subject to a five percent premium, and shall also have a floor price of P0.55 per share.

Nolledo will pay the total subscription price of P100 million within 30 days after the signing of the subscription agreement on January 20.

Xurpas specializes in the creation and development of digital products and services for mobile end-users, as well as the creation, development, and management of proprietary platforms for mobile operators.

XURPAS INC.

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