PhilWeb sells stake in Acentic GmbH

Listed gaming technology provider PhilWeb Corp. on Tuesday said it sold its investment in Germany-based hospitality technology firm Acentic GmbH, as it seeks new revenue streams while waiting for a reissuance of its license from the Philippine Amusement and Gaming Corp. (PAGCOR).

In a filing on the local bourse, PhilWeb said it sold its investment in Acentic GmbH to holding company Niantic Holding GmbH, also based in Germany.

"PhilWeb Corporation wishes to inform the Exchange that it sold its investment in Acentic GmbH to Niantic Holding GmbH for US$750,000. The Company has also collected the sum of €1,973,250 from Acentic, in full settlement of its loan receivables," the filing read.

According to the company, it will receive cash proceeds of approximately P140 million from the transaction and will be used to finance overhead costs.

"This amount will be utilized by the company to cover its overhead while it awaits the reissuance of its license from PAGCOR," it said.

PhilWeb's contract with PAGCOR lapsed on August 10, failing to extend its licensing deal despite last-minute talks with the regulator.

This was followed by the resignation of businessman Roberto V. Ongpin as chairman and director of the company, after having been tagged by President Rodrigo R. Duterte as among the oligarchs embedded in government. http://www.gmanetwork.com/news/story/576266/money/companies/duterte-tags-ongpin-among-oligarchs-to-weed-out-of-government

Ongpin sold his controlling stake to Gregorio Ma. Araneta III.

PhilWeb then said it will seek a new license to operate from PAGCOR.

PAGCOR said it will select its service provider via public bidding. — Jon Viktor Cabuenas/VS, GMA News