Xurpas Inc. is getting a P100-million fresh capital infusion from Nico Jose Nolledo, one of the company’s three founders, through a subscription to new common shares.
In a disclosure to the Philippine Stock Exchange, the firm said the fresh capital infusion will primarily be used for the expansion of Xurpas’ core enterprise business, specifically the IT staff augmentation business.The fresh funds will also be used for employee benefits enhancement, research and development, the upgrade and replacement of equipment, and general corporate purposes.
The subscription price is subject to 5 percent premium, and shall also have a floor price of P0.55 per share, said the Company. Xurpas shares resumed trading at the PSE last January 17 after a 16 month suspension following the collapse of plans by the Wavemaker group of the US to use it as a backdoor listing vehicle.