PhilWeb gets another investor

PHILWEB Corporation said that Textron Software Solutions Inc. (Textron) acquired some shares in the listed company in a P34.75-million deal that comes just a few days after it regained an operating license from Philippine Amusement and Gaming Corp. (Pagcor).

Textron, an authorized licensor of casino software program RealTime Gaming, has P34.7 million in receivables from PhilWeb and that was written off in exchange for 5,791,333 PhilWeb shares, the listed company told the stock exchange on Friday.

“PhilWeb Corporation has been a tremendous licensee and partner since 2005 and we look forward to a long and successful relationship,” the PhilWeb disclosure quoted Textron as saying.

PhilWeb said on Tuesday that Pagcor has granted it a Provisional Certificate of Accreditation to be an accredited Electronic Gaming System (EGS) Service Provider.

The accreditation means that the company can offer software and other services to the operators of Pagcor-licensed gaming sites for electronic games.

The approval came a year after the expiration in August 2016 of the company’s license to supply software systems to gaming sites. PhilWeb is now under a new owner – businessman Gregorio M. Araneta III – after former Marcos trade minister Roberto V. Ongpin divested all his holdings.