PhilWeb strikes agreement for additional eGaming sites
PhilWeb Corp., the Philippines-based game technology company, is expanding its reach across the Philippines with Philippine Gaming and Amusement Corp (PAGCOR) acquisitions. The firm has bought more eGaming sites from the Philippine Gaming and Amusement Corp in an agreement for cash and stock.
The BigGame unit of the company has acquired two sites from Golden Frontier Gaming: in Consolacion and Lapu-Lapu City in Cebu. The partnership was worth $46,882 in cash and 394,322 PhilWeb shares. The shares were worth $37,841.
After obtaining an operating license last year, PhilWeb began improving its portfolio. PAGCOR issued a provisional Certificate of Accreditation to the company to operate as an Electronic Gaming System (EGS) provider.
In October, PhilWeb was given a permanent license on the condition that it may only operate 16 gaming outlets out of the company’s 34 locations. During this February, the company saw its operations capabilities extended when PAGCOR authorised it to operate at an additional 21 sites across the country.
At the end of March, PhilWeb was operating 38 locations. Since then, it has added an additional 14 to bring its current total to 52.
PhilWeb was forced to close by PAGCOR in 2016. At the time, company founder and then-chairman Roberto Ongpin was seen as an “oligarch” by Philippine President Rodrigo Duterte, and was targeted as an example of the country’s gambling reformation. Despite attempts to stave off the denial of a license renewal, PAGCOR pulled the trigger and the company was shut down.
Gregorio Araneta III purchased 53.75 percent of the company from Ongpin, that aided the facilitation of the license renewal. Araneta is a well-known member of the business community and serves numerous boards.
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