Philippines gaming platform provider PhilWeb Corp has entered into a series of transactions with JKS Tech Solutions, Inc under which JKS has acquired a 4.85% stake in PhilWeb, while PhilWeb has subscribed to common shares in JKS worth a combined US$67.4 million.
JKS is described as a Philippine B2B technology, platform and digital infrastructure company serving licensed mid-market operators in the digital entertainment sector. It is listed by PAGCOR as a Gaming System Administrator and counts Epic Game as its main platform – offering electronic bingo, electronic casino games, sports betting and specialty games.
According to a series of filings on Monday, JKS has acquired 81.380,792 common shares in PhilWeb at a purchase price of Php16.50 per share, with the aggregate purchase price coming to Php1.34 billion (US$21.4 million).
PhilWeb has in turn entered into two separate subscribtion agreements with JKS – the first being for 3,408,079 Common B Shares at a subscription price of Php394 per share. The aggregate price of Php1.34 billion is identical to the price paid by JKS for its 4.85% PhilWeb stake.
The second transaction has seen PhilWeb’s wholly-owned subsidiary, PhilWeb Capital Corporation, subscribe to 7,317,996 Common B Shares for an aggregate of Php2.88 billion (US$46.0 million).
The companies did not offer any reason for the joint transactions, although they come less than two weeks since Philippines business tycoon Lance Gokongwei was appointed Chairman of PhilWeb’s Board of Directors.
The company explained at the time that the leadership change completes its institutional governance restructuring and signals a definitive shift from cross-border capital formation to the aggressive, large-scale execution of its commercial B2B AI-enabled technology roadmap.
The company also added that its immediate operational mandate would focus on the integration of high-value backend capabilities such as Real-Time Operational Monitoring, Algorithmic Risk Management, Regulatory Compliance Automation, Anti-Fraud Detection and Data-Driven Customer Lifecycle Optimization.
PhilWeb’s transition to a technology-based platform provider saw it recently ink deals to support the online gaming arms of Hann Casino Resort, Okada Manila and NUSTAR and a GSA site alongside Newport World Resorts. It has also entered into a strategic service agreement with FBM Philippines supporting its network of gaming machines and venues.
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