interaksyon.com reports Thailand’s Asiasoft inches closer to controlling Philippines’ biggest online game publisher. That comes after Tech In Asia reports that after starting in Thailand, ebookstore startup Ookbee has grown quickly. It has captured 85 percent of the ebook market in Thailand and then expanded to more countries in Southeast Asia. Now it’s in the Philippines. Launched in December, Ookbee operates under the Buqo brand in the Philippines. The name sounds like “book ko” in Tag-lish, which means “my book” in English. It started with 300 ebook titles when it launched in the country, and now that has grown to 500 books and 25 emagazines. To help its users discover new titles, Buqo shares any new book in its collection on its Facebook page. Buqo focuses on providing Filipino-authored and published ebooks and emagazines in its store. Buqo already has a team of 12 people, including a marketing team that coordinates with publishers in the country.
interaksyon.com Reports: (Source)
Thailand’s Asiasoft inches closer to controlling Philippines’ biggest online game publisher
By: Krista Angela M. Montealegre, InterAksyon.com
March 13, 2014 4:35 PM
MANILA – IP E-Game Ventures Inc has completed its divestment from the country’s biggest online game publisher and distributor.
In a disclosure to the Philippine Stock Exchange, IP E-Game said it authorized on Wednesday the delivery to Thailand’s Asiasoft Corp Public Co Ltd of the signed deed of absolute sale covering the transfer of its 30 percent stake in Level Up! Inc for $1.26 million or P56.47 million.
The Asiasoft Group is engaged in online entertainment services in the Southeast Asian region.
Apart from buying IP E-Game’s stake, Asiasoft is also acquiring the shareholdings of another company that will allow the Thai firm to control 100 percent of Level Up!’s issued and outstanding capital stock.
Two years ago, IP E-Game and Level Up! completed the merger of their Philippine online gaming operations to become the largest gaming business in the country with an estimated market share of 70 percent. IP E-Game transferred select game titles and assets to Level Up! in exchange for an equity stake in the company and a cash consideration.
After the merger, IP E-Game started its diversification into gaming and leisure to take advantage of the influx of tourists with the development of the Entertainment City at the Manila Bay reclamation area.
In 2012, E-Game purchased a 36,000-square-meter property in the Cagayan Special Economic Zone, home to the largest casino complex in the business park.