Gokongwei invests P2.02 billion in PhilWeb

MANILA, Philippines — Tycoon Lance Gokongwei is investing P2.02 billion for a minority stake in listed gaming service provider PhilWeb Corp.

PhilWeb said it has entered into a subscription agreement with Gokongwei, in his personal capacity, for the subscription of 159.53 million common shares and 93.84 million redeemable preferred shares at a subscription price of P8 apiece.

The strategic placement will be facilitated through a proposed increase in PhilWeb’s authorized capital stock from P2.6 billion to P3.6 billion, subject to the required corporate, stockholder and regulatory approvals.

Upon completion of the subscription and the increase in the authorized capital stock, Gokongwei will hold common shares representing approximately 10 percent of PhilWeb’s issued and outstanding common shares. 

PhilWeb said that, upon conversion of all the 93.84 million redeemable preferred shares into common shares, Gokongwei would own approximately 15 percent of the company’s total issued and outstanding common shares. 

The listing of the subscribed common shares will be subject to the approval of the Philippine Stock Exchange.

Beyond the capital infusion, PhilWeb said it expects to benefit from Gokongwei’s strategic perspective, institutional experience and extensive business network as the company strengthens its long-term technology roadmap and growth strategy.

PhilWeb views the tycoon’s investment in the company as a significant milestone in its transformation into an artificial intelligence (AI)-enabled technology infrastructure company serving the regulated digital entertainment sector.

The proceeds are intended to strengthen PhilWeb’s balance sheet and support the integration of advanced data and AI capabilities across its core technology roadmap.

“We are profoundly honored to welcome Lance Gokongwei as a strategic anchor investor in PhilWeb. His investment represents a strong endorsement of our technology platform and long-term vision,” PhilWeb president Edgar Brian Ng said.

“Data intelligence and automated compliance tools are becoming essential layers of modern digital infrastructure. With Lance’s strategic investment and business network, PhilWeb is well-positioned to expand our AI technology roadmap, serve our established ecosystem of leading partners more efficiently and evaluate long-term growth opportunities,” he said.

PhilWeb has established a strong market footprint across the Philippine digital gaming and entertainment ecosystem, working with leading licensed operators, integrated resorts and platform partners.