Electronic bingo operators PhilWeb Corporation and Palmary Corporation have signed a Cooperation Agreement to jointly develop their eBingo businesses.
The agreement comes as Palmary agreed to purchase 97,333,333 shares in PhilWeb, equal to 6.78% of issued share capital, with the companies stating their intention to expand their Philippines footprint.
PhilWeb currently operates six eBingo outlets nationwide and is a service provider to 67 eGames outlets. Palmary operates 16 eBingo outlets and is an accredited supplier of eBingo machines to PAGCOR’s network of more than 300 eBingo outlets, supplying over 30,000 eBingo terminals.
As part of the Cooperation Agreement, the duo would co-manage 22 eBingo outlets.
“We are very excited about our future in the e-bingo business in cooperation with the Palmary Group,” said PhilWeb Chairman Gregorio Ma. Araneta III.
“When combined with our growing e-Games business, we now have an expanding, two-fold footprint in the whole electronic gaming sector.”
On the topic of Palmary’s acquisition of PhilWeb shares, Araneta said, “I welcome the Palmary Group’s investment in our company, a great sign of faith in the positive developments we have attained in the past year. I believe this investment will result in positive gains for both over the next few years.”
