DIGIWAVE ACQUIRED BY P.E.P. IN PHILIPPINES DEAL
29 February 2008
Online gaming and software developer has new games
The Philippines-listed entertainment group Premiere
Entertainment Productions Inc. (PEP) announced Monday
that it had signed a deal to acquire online gambling
software developer Digiwave Solutions Inc. subject to
shareholder approval. Through a share swap the deal
calls for the issuance of about 1.003 billion PEP shares
in exchange for 100 percent ownership of Digiwave
amounting to P 50 million (about US$1.24 million), PEP
said in a media statement.
“The share swap is anchored on Digiwave’s projected net
income as for the year ending December 31, 2008 valued
at P125.499 million given a P/E multiple of eight
times," the company said.
Agreement had been reached to rename the company
'Premiere Entertainment Philippines Inc.,' and the
selling shareholders of Digiwave had agreed to invest
P150 million in cash in the new company, the
PEP is engaged in entertainment, gaming and leisure
activities. Chaired by movie producer Cirio Santiago, it
produces full-length motion pictures and program content
for free television, cable broadcast and video
distribution. A subsidiary, Premium Events Palace Inc.,
is involved in land bingo parlour operations.
Digiwave is an entertainment and IT company founded on
August 9, 2006. Its principal business is software
development and provision, mainly for leisure gaming.
The company uses South Korean technology and a Filipino
workforce, and is looking to expand internationally.
In a statement, Digiwave chairman Jung Ku Lee said
Digiwave was currently the second-biggest supplier of
gaming stations in the Philippines through the
facilities of government agency PhilWeb.
The company has developed two games, “Baduki” and
“7-Card Stud” poker, which are available in online
gaming branches of the government’s Philippine Gaming
and Amusement Corp. (Pagcor) in Metro Manila. New game
releases planned for the future include a version of the
popular poker game Texas Hold'em for online gambling.
A recent PriceWaterhouseCoopers study showed that the
Internet gaming market in Asia is valued at $2.3
billion, with growth expected to reach $4 billion by
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