Philweb To Acquire 15 Pagcor Online Operations

PHILWEB TO ACQUIRE 15 PAGCOR ONLINE OPERATIONS

10th March, 2017 at 10:19:28
Source: http://www.azonlinecasinos.com

Consideration of 7.5 million shares agreed.

Struggling Philippines online gambling group Philweb has announced that it has signed an agreement with Philippine Amusement and Gaming Corp. (Pagcor) to acquire 15 online operations for a consideration of 7.5 million Philweb shares.

In a stock exchange advisory, the company noted the shares used in the transaction are part of the 354.6 million shares currently in treasury which the company bought from Philippine Long Distance Telephone Company in 2013.

"We continue to be bullish that we will be able to renew our license with PAGCOR at some time in the near future," PhilWeb president Dennis Valdes told local business media, referring to the situation late last year when Pagcor announced that it would not be renewing its contract with PhilWeb to operate its online casinos.

Shares of PhilWeb plunged by as much as 41% at the time and company revenues plummeted (see previous reports). Previously, Philweb and its then chairman had come under fierce attack by Phiilippines president Rodrigo Duterte in his drive against illegal online gambling and alleged corruption and tax evasion.

"We also wish to support those operators that we have worked with over the past 14 years. Some currently wish to exit the business so we are offering them an ability to exit by selling us their businesses in exchange for WEB shares," Valdes added.

Earlier this year Philweb said that it was applying for a new Pagcor licence via a public tender, for which it raised P140 million (US$3 million) by selling off its German-based Acentic GmbH asset (see previous report).

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