Published March 15, 2021, 7:00 AM
PhilWeb Corporation is expanding its electronic bingo (eBingo) business with the P730 million acquisition of electronic eBingo companies and machine suppliers from its shareholder the Palmary Group.
In a disclosure to the Philippine Stock Exchange, PhilWeb said it acquired 16 eBingo outlets and two eBingo machine suppliers from the Palmary Group.
PhilWeb executed deeds of sale for the acquisition of 100 percent of the total issued capital stocks of 16 eBingo companies for P450 million and two accredited e-bingo machine supplier companies for P280 million.
“With PhilWeb’s growing electronic games business, it now has an expanding, two-fold footprint in the whole electronic gaming sector,” the firm said.