LISTED online gaming company PhilWeb Corp. is continuing its aggressive expansion, this time into mobile lotto games through a newly created P1-billion subsidiary.
The new firm—PhilWeb Mobile Lottery Corp.—will be the company’s vehicle to operate mobile-based lottery games as well as other related mobile game offerings.
PhilWeb, which is controlled by former trade minister Robert V. Ongpin, subscribed to P127.49 million worth of shares while PhilWeb president Dennis Valdes took another P122.5 million.
The new firm is seen to provide an additional revenue stream for PhilWeb as well as create synergies with other units which include the recently acquired Acentic GmbH, a European hotel information technology provider.
PhilWeb generates the bulk of its revenues providing technical, marketing and cash management services to Philippine Amusement and Gaming Corp.’s more than 150 e-Games Cafés in the country.
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