Philweb unit acquires e-game sites in Cebu
CEBU, Philippines — Philweb Corp., said Tuesday its subsidiary BigGame Inc., has acquired two PAGCOR (Philippine Amusement and Gaming Corp) electronic game sites in Consolacion town and Lapu-Lapu City in Cebu.
In a stock exchange disclosure yesterday, the gaming technology provider said its subsidiary acquired the two e-games sites from Golden Frontier Gaming Inc.
BigGame paid P2.5 million and gave Golden Frontier 394,322 shares to acquire the e-games sites.
The company said this acquisition brought its total locations nationwide to 52.
The gaming firm had secured fresh accreditation from PAGCOR as an electronic gaming systems provider.
PAGCOR had procured a third party audit service provider for electronic games or Electronic Management Gaming System (EMGS).
EMGS is tasked to oversee that all gaming service providers comply with existing regulations, while ensuring the accuracy of information provided by licensees and operators.
“With the EGMS in place, PAGCOR can be assured that all its electronic gaming licensees and operators are not only properly regulated but also accurately remit what is due to the government,” PAGCOR said in a previous statement.
In August 2016, it can be recalled PAGCOR denied Philweb’s application to renew its license, following President Rodrigo Duterte’s sentiments against online gaming at the time, as well as his singling out of its former chairman Roberto V. Ongpin as an “oligarch.”
Philweb shares closed at P5.15 apiece yesterday, down 2.46 percent.
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