LISTED interactive gaming and content distribution firm IP E-Game Ventures Inc. on Friday said it was diversifying into the real estate sector via the establishment of a real estate investment trust (REIT).

The firm has been seeking to shift from its previous business model and has previously said that it was looking at opportunities in gaming, leisure, entertainment and natural resources.

Founded by businessman Jaime Enrique Gonzales, IP E-Game Ventures is also an affiliate of broadcast firm GMA Network Inc., which with subsidiary GMA New Media Inc. owns a combined 5.72-percent stake.

Gonzales is the firm's president and deputy chairman. Philstar.com President and Chief Executive Officer is chairman of the board.

IP E-Game Ventures told the stock exchange on Friday that its board had authorized the establishment of a corporation that would engage in the REIT business.

Gonzalez and Chief Financial Officer Mary Jenelle Palma were authorized to execute and sign the necessary investment and subscription agreements and other related documents.

The investment in the REIT will be funded through a combination of equity, convertible debt and other financial instruments, the company said.

"The investment of the Issuer in the REIT corporation is subject to the approval of the pertinent regulatory bodies, after compliance with the relevant laws, rules and regulations in the incorporation, registration and listing of the said REIT company," the firm said.

Trading in the firm's shares has been suspended since May 3, 2017 over its failure to comply with reportorial requirements.

It last closed at P0.0094 on May 2, 2017.

Based on latest data on the PSE website, the company posted a net loss after tax of P8.89 million in 2018, improving from P82.55 million a year earlier.

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