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.
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.