Game developer XPEC Entertainment Inc (樂陞科技) yesterday announced a strategical partnership with Japan’s AltPlus Inc via cross-shareholding interlocking, as part of the company’s efforts to expand its reach to international gaming markets.
XPEC’s announcement came a day after its subsidiary, honey cake maker E.G-Sain (一之鄉), said it plans to invest NT$130 million (US$4.02 million) in a 91.59 percent stake in local coffee shop chain Ikari Coffee (怡客咖啡).
“XPEC will become the largest shareholder [of AltPlus], occupying a seat on the board of the Japanese mobile game developer,” XPEC said in a filing with the Taiwan Stock Exchange.
Under the agreement, XPEC is to buy ￥855 million (US$7.68 million) of AltPlus convertible bonds, which it could later convert into a 19.9 percent stake in the Japanese company, XPEC said.
The planned purchase at ￥382 per share is 16.22 percent lower than AltPlus’ closing price of ￥456 in Tokyo trading yesterday.
On the other hand, XPEC said AltPlus is to spend ￥646 million to acquire a 1.12 percent stake, or 1.65 million shares, of XPEC from the company’s private equity investor Eminent Global Limited.
XPEC said that the strategic alliance with AltPlus would help it control more intellectual property rights in Japan and explore more business opportunities there.
Given that AltPlus already has a strong information technology subsidiary in Vietnam, XPEC’s move would benefit the companies and help to expand their presence in the Vietnamese market, XPEC said.
In addition, XPEC said that AltPlus has promised to hand over all art designs and game production to the company, which would benefit XPEC’s gaming art design operations.
XPEC is to be in charge of AltPlus’s marketing in China, helping the company to introduce its Japanese gaming products to the Chinese market, it said.
It is also to handle AltPlus’s marketing in the Taiwan, Hong Kong and Macau markets, XPEC said.
With XPEC’s assistance in marketing and finance, it said it believes AltPlus’ operations would improve after bottoming out this quarter due to unfavorable competition and overseas market expansion.
AltPlus reported a net loss of ￥1.16 billion, or ￥129.33 per share, in the fiscal year ending on Sept. 30 last year, according to data compiled by Investing.com.
XPEC said it would gradually convert AltPlus’ corporate bonds into common shares within the next three years when the Japanese company’s operations swing back into profit.
XPEC said it would not book AltPlus’s earnings into its consolidated revenue before it completely transfers its corporate bonds into common shares.
XPEC shared plummeted 7.89 percent to close at NT$105 in Taipei trading yesterday, underperforming the TAIEX, which gained 0.29 percent.
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