ICTV opens US-based subsidiary to venture into social media, mobile application
MANILA, Philippines—Listed investment firm Information Capital Technology Ventures (ICTV) has announced plans to venture into the social media and mobile application development space with the establishment of a new US-based subsidiary in partnership with affiliate Paradise Green LLC.
In a disclosure, ICTV said the new subsidiary would be incorporated in the state of Delaware—a known “corporate haven” due to its friendly legal structure—and be called “NowPlanet.TV.”
The plan was approved by the company’s board in a meeting on March 13.
NowPlanet.TV, currently running as a “beta” or test version, is a social business platform that enables enterprises, organizations, institutions and associations to create, manage and sustain their communications campaigns across multiple user devices.
These devices can range from Internet-connected desktops and laptop computers to other mobile devices such as the Apple iPhone and iPad and those powered by Google’s “Android” operating system.
As the country’s only listed venture capital firm, ICTV’s main business is investing in technology start-ups.
In 2011, ICTV unveiled a partnership with Chinese electronics giant Huawei Internatonal Pte. to invest in the nationwide build-up of telecommunications company Next Mobile Inc.
The “milestone” agreement was expected to greatly enhance the information capabilities of ICTV and Next Mobile in partnership with the world’s largest information technology company Huawei.
The agreement was signed during the Philippine-Eastern China Business Forum held at Shangri-La Hotel in Shanghai, China’s financial center.
ICTV shares rose 1.78 percent on Wednesday to close at 57 centavos.
