Xurpas Inc. has completed an equity restructuring to erase its P3.2 billion accumulated deficit, the company said in a Philippine Stock Exchange filing.
The company said that its board approved the plan on May 13, applying P3.7 billion from Additional Paid-in Capital to offset the deficit. The move strengthens Xurpas’ balance sheet and ensures compliance with regulatory requirements. The restructuring does not affect shareholdings, stock certificates, or the company’s Articles of Incorporation.
Xurpas plans to file the complete quasi-reorganization documents with the Securities and Exchange Commission on November 17, 2025.
In a concurrent leadership update, Atty. Mark S. Gorriceta has been named Chief Compliance Officer, succeeding Atty. Ann Camille S. Ecleo. He will continue as Chief Legal Officer and Corporate Secretary. Gorriceta is also the Managing Partner and Head of the Corporate, Banking and Finance, and Technology, Media, and Telecommunications Groups of Gorriceta Africa Cauton & Saavedra, a multi-awarded Philippine law firm with offices in Singapore, Malaysia, and Thailand.
Gorriceta advises domestic conglomerates on digitization and represents leading Philippine technology companies, both local and global. He specializes in corporate structuring, tax, banking and finance, capital markets, equity financing, and complex cross-border commercial transactions.
Xurpas said the equity restructuring and leadership updates will enhance financial flexibility, governance, and long-term growth. “This step positions Xurpas for sustainable operations and shareholder value enhancement,” the company said. The company aims to solidify its financial footing while continuing to expand in digital services and technology sectors.
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