PhilWeb acquires 16 eBingo outlets, two eBingo machine suppliers

PhilWeb Corp. on Tuesday announced the acquisition of 16 eBingo outlets and two electric bingo machine suppliers from the Palmary Group for a combined cost of P730 million.

In a regulatory filing, PhilWeb said the agreements were signed on Monday, March 8, 2021 — P450 million for 100% of the total issued capital stocks of the 16 eBingo companies; and P280 million for the 2 accredited eBingo machine supplier companies.

The eBingo outlets acquired generated a combined approximate gross gaming revenue of P1.197 billion in 2019, while the two machine supplier companies generated P364.900 million.

The two companies are accredited suppliers to 64 eBingo outlets across the country, while PhilWeb is accredited as a network provider to 85 eGames outlets. Following the acquisition, the listed company now operates 22 eBingo outlets.

"With PhilWeb's growing electronic gaming business, it now has an expanding, two-fold footprint in the whole electronic gaming sector," PhilWeb said.

PhilWeb's wholly-owned subsidiary BigGame Inc. directly operates 31 eGames outlets licensed by the Philippine Amusement and Gaming Corp. (PAGCOR). Other subsidiaries include e-Magine Gaming Corp., PhilWeb Asia-Pacific Corp., Major Games and Amusement Corp., and PhilWeb Mobile Lottery Corp., among others.

Trading of PhilWeb shares is currently suspended. Shares in the company closed Monday, March 8, at P2.70 apiece. —Jon Viktor Cabuenas/KG, GMA News