Philweb sells 32.5% stake in German hotel tech firm | Inquirer Business

Philweb sells 32.5% stake in German hotel tech firm

By: - Business Features Editor / @philbizwatcher
/ 02:02 PM January 03, 2017

Technology provider Philweb Corp. has sold its 32.5 percent stake in Germany-based hospitality technology provider Acentic Gmbh, to another German firm Niantic Holding GmbH.

Cash proceeds of P140 million will be used by Philweb to cover overhead costs while awaiting the processing of its application to service the Philippine Amusement & Gaming Corp. (Pagcor)’s network of e-Games cafes, the company said in a disclosure to the Philippine Stock Exchange on Tuesday.

Philweb said it had sold the investment in Acentic to Niantic Holdings GmbH for $750,000. The company added that it had had collected 1.973 British pounds from Acentic in full settlement of a loan.

ADVERTISEMENT

The buyer, Niantic Holding, is a specialty finance company also based in Germany.

Acentic has been working with hoteliers for in-room entertainment and communication around the world for more than 30 years.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Acentic gmbh, Philweb, WEB

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.