Philippines-based PhilWeb Corp is seeking to raise at least PHP6 billion (US$128.6 million) through a private placement of shares, it confirmed in a filing to the Philippine Stock Exchange on Tuesday.
PhilWeb in 2003 received a licence from the country’s casino regulator, the Philippine Amusement and Gaming Corp – also known as Pagcor – to launch a network of e-Games outlets in that country.
“The private placement will result in PhilWeb receiving cash and receivables of at least PHP6 billion. With this war chest, the company will have the ability to go on an aggressive expansion programme,” PhilWeb said in a statement, noting that the pricing of the 300 million shares would “in no case be less than PHP20.00” per unit.
It added that while the shareholders had approved the principle of the exercise, the actual pricing and payment terms still had to be confirmed by the PhilWeb board or the firm’s executive committee
The firm’s network at the end of 2015 included a total of 268 operational e-Games outlets all over the Philippines, with more than 8,800 gaming terminals, it had previously said in a press release.
The Internet cafés are dedicated to casino games, including digital versions of popular games such as baccarat, blackjack or various slot machine titles.
PhilWeb recorded a 1.8 percent revenue increase in 2015, to PHP1.67 billion, despite “increased competition from other forms of gaming operations”, including from land-based casinos, the firm said in a press statement in March.
Jun 21, 2018John Shigley, chief operating officer (COO) of gaming for Macau casino firm MGM China Holdings Ltd, is to leave Macau “later this year”, the company confirmed in an email responding to an enquiry...
Year-on-year decline in overall turnover recorded in 2017 by South Korea’s foreigner-only casinos