According to a filing Wednesday with the Philippine Stock Exchange, Philweb Corp. (PSE: WEB) is looking to acquire 15 e-Games cafes from Philippine Parks and Gaming Corp. (PAGCOR) by tendering 7.5 million shares to buy the property.
The shares are held in treasury and stem from a 2013 purchase from PLDT, Inc., formerly known as the Philippine Long Distance Telephone Company, the country’s largest telecommunications company.
Business World (bworldonline) reports that PhilWeb President Dennis Valdes (pictured) told them in a mobile message that “We continue to be bullish that we will be able to renew our license with Pagcor at some time in the future,” when he was asked to explain the reason for the purchase. .
“We also want to support the organizers http://18.104.22.168/ we have worked with for more than 14 years. “Some of the time wanted to get out of business so we offered them the ability to exit by selling us their business in exchange for WEB shares,” he added.
PhilWeb provides software and technical facilities for the entire Pagcor e-Games network until August when, acting to appease Philippine President Rodrigo R. Duterte, regulators terminate the contract on a one-month extension. Many sites offer betting stations and all server-based gambling games are offered including slots from a division of Realtime Gaming (RTG) based in Singapore which was launched in 2006. RTG is one of the oldest and most well-known online casino software suppliers.
the act of sending PhilWeb shares a spiral and former PhilWeb chairman Roberto V. Ongpin finally divested and resigned after several attempts to give the stake to Pagcor or donate it with proceeds to be used for preventive causes of medical and drug abuse, all in vain. According to reports at the time, Ongpin described his efforts as a way to save PhilWeb, which has more than 5,000 employees in nearly 300 branches across the country.
regulators stayed fast on not renewing licenses until the end of December when Pagcor said they would open the tender process to competitive bidding, and promised to speed up the process at a previously agreed time. This, after one president’s change of heart, a softening of attitudes on online gaming, or ‘clarifying’ that he was only referring to illegal companies when he stated, “I order the closure of all online games, all of that. It is of no use. “
PhilWeb states that they are not an online gaming provider, but a supplier for Pagcor, and that none of their products can be used in your home or office.