<article><a style="color: #000080;" href="http://www.philweb.com.ph/" target="_blank">PhilWeb Corporation</a>, a listed internet gaming technology provider in the Philippines, is targeting to raise up to $128.5 million (P6 billion) through a private placement process.</article>

<a style="color: #000080;" href="http://www.philweb.com.ph/" target="_blank">PhilWeb Corporation</a>, a listed internet gaming technology provider in the Philippines, is targeting to raise up to $128.5 million (P6 billion) through a private placement process.
The company informed the local bourse that its stockholders on Tuesday approved the management’s proposal to make a private placement of up to 300 million shares at a discount but no less than P20 per share. Its shares are currently trading at around P23.
&#8220;The private placement will result in PhilWeb receiving cash and receivables of at least P6 billion. With this war chest, the company will have the ability to go on an aggressive expansion programme,&#8221; PhilWeb said, in a statement, noting the actual price and payment terms will be subject to the approval by the PhilWeb board or executive committee.
The shares to be sold at the private placement are part of the 354.6 million shares currently in treasury which PhilWeb bought from <a style="color: #000080;" href="http://www.pldt.com">PLDT</a> in 2013 at an average price of P11.90 or a total value of P4.2 billion.
PhilWeb holds 81,380,938 shares in treasury. The company&#8217;s two wholly-owned subsidiaries PhilWeb Casino Corp and Pure Corporate Investments Ltd each hold 260,392,307 and 12,848,522 shares, respectively.
With the current market price of PhilWeb shares trading mostly over P23 apiece, the firm estimates the total value of treasury shares to be more than P8.4 billion or double the acquisition cost of PhilWeb from PLDT.
PhilWeb&#8217;s last trading price decreased 0.21 per cent or P0.050 to close at P23.85.
As a provider of internet-based products and services, PhilWeb establishes strategic partnerships mostly in Asia Pacific.
PhilWeb&#8217;s revenue comes from licensing proprietary software and providing technical, marketing and cash management services to the <a style="color: #000080;" href="http://www.pagcor.ph/" target="_blank">Philippine Amusement and Gaming Corporation (Pagcor)</a>, a government-owned corporation that operates over 270 e-Games Cafes formerly known as Internet Casino Stations.
With the technology that PhilWeb provides, patrons can choose from close to 300 casino games, including baccarat, blackjack, slot machine games, video poker and others. Most e-Games cafes operate on a 24/7 basis.
PhilWeb recently reported its total revenues grew by P18.4 million, or 4.6 per cent, to P414.7 million as of the first quarter of 2016 from P396.3 million registered in the same period last year. The increase was contributed mainly by the PeGS and sportbetting businesses. Its net income and EBITDA increased by 1.4 per cent and 3.5 per cent, respectively, for the first quarter of 2016.
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Philippines: Internet gaming firm PhilWeb eyes $128.5m via private placement

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Philippines: Internet gaming firm PhilWeb eyes $128.5m via private placement

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