Philippine e-bingo operator Palmary Corporation has purchased a 6.78 percent stake in Philweb Corporation and has signed a cooperation agreement with the company to develop its electronic and e-bingo business.
On Friday, the company signed a share purchase agreement to purchase 97.3 million shares of PhilWeb Corporation, representing 6.78 percent of the company
Speaking about the purchase, Gregorio Ma. Araneta III, chairman of PhilWeb said, “I welcome the Palmary Group’s investment in our company, a great sign of faith in the positive developments we have attained in the past year. I believe this investment will result in positive gains for both over the next few years.”
PhilWeb is an accredited service provider to PAGCOR, the Philippine Amusement, and Gaming Corporation, for its network of electronic gaming outlets. It also has a wholly owned subsidiary, BigGame, Inc., which has PAGCOR Gaming Licenses for its e-Games outlets. The company currently operates 6 e-bingo outlets.
Palmary Corporation is an operator of electronic bingo outlets and an accredited e-bingo machine supplier to PAGCOR, for its network of electronic bingo outlets, and operates 16 outlets.
“We are very excited about our future in the e-bingo business in cooperation with the Palmary Group,” said Gregorio Ma. Araneta III, chairman of PhilWeb. “When combined with our growing e-Games business, we now have an expanding, two-fold footprint in the whole electronic gaming sector.” PhilWeb is currently the service provider to 67 e-Games outlets, and together with the Palmary Group, would co-manage 22 e-bingo outlets.
Araneta added that he remained “deeply committed to getting PhilWeb back to its former profitability levels.”