MORE INTERNATIONAL ACTION FOR PHILWEB
27 November 2009
New company designed to extend Philippines
firm's international reach
PhilWeb International Gaming Corp. has been formed by
Philippines online gambling and Internet gaming
interests to extend the reach of Philweb's global gaming
efforts.
The directorate of the new entity is
believed to correspond with that of it's Manila-based
and publicly listed parent Philweb and includes the
former trade minister Roberto V. Ongpin, reports ABS-CBN
News
"The primary purpose [of the company] is to
engage in international gaming ventures including all
forms of gaming which are legal in the countries in
which it will operate," PhilWeb said in documents filed
with corporate regulators. The new company’s authorised
capital is P1 billion, divided into one billion shares
with a par value of a peso each.
PhilWeb Corp.
subscribed to 25 percent of the new international
subsidiary, the minimum subscription required by the
corporation code. The parent gaming firm has three major
subsidiaries: PhilWeb Gaming Solutions Corp. whose
purpose is to develop and operate licensed game
promotions and online gaming solutions; PhilWeb Leisure
& Tourism Corp. and PhilWeb Tourism and Entertainment
Corp., operators of leisure and "tourism-oriented"
activities.
From January to September, profits
of the listed company rose to P372 million from P211.75
million in the same period last year, with revenues up
by 86 percent to P580 million in the same period due to
more acton on its Internet casino business and an
increase in the number of Internet cafe casinos.
Online Casino News Courtesy of
Infopowa
More news here.
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