Century Entertainment enters joint venture agreement with WPT
The joint venture will develop an existing gaming system platform.
The Philippines.- Hong Kong-based Century Entertainment International has finalised an agreement to establish a joint venture with Philippines-based World Platinum Technologies (WPT). As announced last month, they will develop an existing gaming system platform and content development business.
The partnership creates a new entity, Konphil Technology Company Limited, with Century Entertainment holding a 51 per cent stake and WPT 49 per cent.
According to the MoU signed last month, Century will provide technical support for research and development, maintain the platform, help with market access through its distribution channels, support marketing teams and business development, and offer administrative support such as financial management, legal compliance, and human resources.
WPT, which is licensed by the Philippine Amusement and Gaming Corp (PAGCOR) as a gaming system service and gaming content provider, will contribute its gaming system platform, content, software, source code, and related intellectual property.
The partnership grants Century Entertainment non-exclusive rights to use, distribute, and sub-license WPT’s proprietary platform and related content. The board of the joint venture will comprise five directors, with three appointed by Century Entertainment. Century Entertainment said it sees “growth potential in gaming platforms and contents” across countries in Asia Pacific.
It added: “Leveraging on the long involvement of the group in gaming business in Southeast Asia and experience and technical knowhow of WPT, the joint venture company will allow the company to have an opportunity to diverse into gaming business in other Asia Pacific countries.”
Century Entertainment will issue up to 25.6 million new shares to WPT, representing approximately 20 per cent of the company’s current issued share capital. The shares will be issued at HK$0.62 (US$0.08) each, representing a discount to recent market prices. An initial 12.8 million shares will be issued immediately, with an additional 12.8 million shares contingent upon the joint venture achieving annual gross revenue of at least HK$100m (US$12.5m) within 15 months.
