POSC acquires 37.5% stake in HHRPI
It will buy 81,000 common shares.
The Philippines.- Pacific Online Systems Corp. (POSC) has announced that it has entered into an investment agreement with HHR Philippines to acquire 81,000 common shares (37.5 per cent of the company) worth PHP150m (US$2.5m).
HHRPI is licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) as both a provider of electronic gaming platforms for land-based and online gaming operators licensed and an online gaming provider under the brand Buenas.
POSC said: “Through this investment in HHRPI, the corporation will be expanding its presence in the online gaming business through a company licensed by PAGCOR. The new capital to be infused by the corporation into HHRPI, on the other hand, will be utilised by the latter to fund its expansion activities.”
PAGCOR reports record revenue for 2024
Yesterday (January 30), PAGCOR released its financial report for the year 2024. It posted an all-time revenue record of PHP112bn (US$1.92bn), up 41 per cent in year-on-year terms. The regulator posted net operating income of PHP84.97bn (US$1.46bn), up 51 per cent year-on-year. Net income after contributions to nation-building reached PHP16.77bn (US$287m), up 146 per cent year-on-year.
The e-games and e-bingo sectors became the biggest contributors with PHP48.79bn (US$836m) or 50.3 per cent of all gaming revenues. Casinos contributed PHP33.07bn (US$567m) while commercial casinos licensed by PAGCOR brought in PHP12.67bn (US$217m). Offshore gaming operators which were banned in December, contributed PHP2.99bn (US$51m) .
Contributions to nation-building increased by 37.61 per cent, reaching PHP68.20bn (US$1.17bn). This includes PHP46.32bn (US$793m) remitted to the National Treasury, PHP4.87bn (US$83m) in franchise taxes and PHP1.09bn (US$19m) in corporate income taxes.
