PhilWeb Corporation has secured a significant strategic investment from billionaire businessman Lance Y. Gokongwei, who has agreed to subscribe for new shares worth PHP2.03bn as part of the company's ongoing growth and capital-raising efforts.
Under a subscription agreement, Gokongwei will acquire 159.5 million common shares and 93.8 million redeemable preferred shares at a subscription price of PHP8.00 per share. The transaction is subject to shareholder approval, regulatory clearances and the proposed increase in PhilWeb’s authorized capital stock from PHP2.6bn to PHP3.6bn.
Upon completion of the share subscription, Gokongwei will own approximately 10% of PhilWeb’s issued and outstanding common shares. If all redeemable preferred shares are converted into common shares, his ownership stake would rise to approximately 15%.
The investment represents a major vote of confidence in PhilWeb’s business strategy and long-term prospects. The company said the proceeds will support its capital raising initiatives and related corporate projects as it continues to expand its operations in the regulated gaming technology space.
The transaction also comes during a period of growing momentum for PhilWeb’s digital gaming business. The company recently partnered with Tiger Resort, Leisure and Entertainment Inc., operator of Okada Manila, to launch the Okada Play online gaming platform.
Powered by PhilWeb’s proprietary online gaming technology, the platform enables Okada Manila to extend its gaming offerings beyond its flagship integrated resort in Entertainment City and into the country’s regulated online gaming market.
The launch highlights PhilWeb’s increasing role as a technology provider for leading gaming operators while creating additional opportunities for future growth and revenue diversification.
The transaction is subject to shareholder and regulatory approvals, including PhilWeb's proposed increase in authorized capital stock
