PhilWeb buys two new e-Games sites

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PhilWeb Corp. has acquired two new gaming sites operated by the Philippine Amusement and Gaming Corp. (PAGCOR) in Cebu City.

In a disclosure to the stock exchange on Tuesday, PhilWeb said its unit BigGame, Inc. purchased the PAGCOR e-Games sites in Consolacion and Lapu-Lapu City, Cebu from Golden Frontier Gaming, Inc. (GFGI).

In exchange for the e-Games sites, PhilWeb gave GFGI 394,322 shares priced at P5.12 each or around P2.02 million, in addition to P2.5 million in cash.

The acquisition brings PhilWeb’s total e-Games sites to 52. — Arra B. Francia