Philweb buys more shares from PLDT unit for P1.02B

Philweb Corp., a listed gaming company led by former Trade Minister Roberto V. Ongpin, has acquired more of its shares from a unit of Philippine Long Distance Telephone Co. (PLDT), part of an earlier plan to acquire the latter’s entire 27-percent stake.

Separate disclosures from both groups Thursday showed that Philweb bought 93.46 million Philweb shares from ePLDT at P10.86 each, taking into account a 3 percent adjustment from the base price. The total transaction was worth P1.02 billion.

This is the third of four tranches, Philweb said in the filing. The company has so far purchased 280.37 million shares, or about 19.5 percent of its outstanding capital, based on figures provided in the filing.

“PLDT and Philweb shall make another disclosure as and when the sale and purchase of the fourth and final tranche of Philweb shares shall have been executed,” the company said in its disclosure.

PLDT announced the sale last year, noting that it wanted to realize gains on its investment amounting to about 660 percent in six years.

Philweb is a provider of gaming solutions in Asia Pacific, with businesses in the Philippines, Timor Leste, Cambodia and Guam.

It reported in February that net income last year rose 20 percent to P1.1 billion as revenues increased 27 percent to P1.5 billion.

Growth in its Asia Pacific operations, which accounted for 9 percent of revenues, were mainly attributed to the scratch card business in Cambodia and Timor Leste and a sweeps center in Guam.

The company ended 2012 with 227 e-Games cafes, which operate in the Philippines and serve as venues where clients can play online versions of popular casino games like baccarat, blackjack, poker and various slot machine games.

Philweb shares declined 0.78 percent to P15.18 each on Thursday’s close.