PhilWeb gets rid of German assets

PhilWeb

PhilWeb got rid of a 32.5 percent stake in an hotel room digital entertainment business from Germany.

The Philippine company announced the measure while waiting for a renewal in its home country.

Philippines.- PhilWeb Corp., renowned gaming operator from the Philippines, announced that they’re disposing some German assets in order to be ready if they get granted an eGames license to operate its business across the Philippines.

The company said in a filing to the Philippine Stock Exchange that they raised more than US$2.4 million. PhilWeb got rid of a 32.5 percent stake in an hotel room digital entertainment business from Germany called Acentic GmbH. For the transaction they received US$750.000 along with an extra US$2 million in loans. The national company had lost their license right in the Philippines last August, when Pagcor assured that they would not renew the permission to operate in the country.

Both Pagcor and PhilWeb have set several meetings to renegotiate the license to operate the exclusive 268 cafes with online casino services. But the negotiations might have led to a bidding process, as Pagcor sent PhilWeb a letter to announce their intentions to set the public license review on December 12.