TRADING of shares in listed Information Capital Technology Ventures, Inc. (ICTV) will be halted for an hour today after the company’s board approved the entry of Velarde, Inc. The Philippine Stock Exchange said the trading halt would be from 9 a.m. to 10 a.m. Velarde is buying one billion shares in the company. The authorized capital of the company has been increased to P5.3 billion from P1.3 billion. ICTV provides telecommunications, media and information technology products and services, such as research, development, production, management, marketing and operation of telecommunication value added services. Clients include companies licensed to engage in wired and wireless, fixed and mobile communications; software and hardware technology, business process outsourcing, call center and other information technology applications and firms in digital media. The purchase price is P1 billion. ICTV plans to use the proceeds to fund new business ventures and products. Established in October 1999, Velarde, Inc. is the holding company that acts as the vehicle for most of businessman Mel V. Velarde’s investments. ICTV shares closes 3% lower at P0.93 apiece yesterday.
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