Philippine gaming technology companies PhilWeb Corp. and JKS Tech Solutions Inc. have signed a cross-equity agreement. PhilWeb and its subsidiary PhilWeb Capital Corp. will invest PHP 4.23bn ($67.5m) in JKS, while JKS will acquire a 4.85% stake in PhilWeb.
JKS will pay PHP 16.50 per share for a total stake valued at PHP 1.34bn. The transaction will close in two stages: PhilWeb will first sell 20.35m shares for PHP 335.7m, then another 61.04m for PHP 1.01bn. PhilWeb will subscribe to 3,408,079 JKS class B ordinary shares at PHP 394 each, matching the PHP 1.34bn JKS pays for its PhilWeb stake. PhilWeb Capital will separately acquire 7,317,996 JKS shares for PHP 2.88bn.
The Philippine Stock Exchange suspended trading in PhilWeb shares on 9 September pending additional disclosures. Completion requires approval from JKS shareholders, the Philippine Securities and Exchange Commission, and other regulatory conditions.
PhilWeb supplies gaming systems, platforms and services to licensed operators in the regulated Philippine market. JKS is a B2B provider accredited by PAGCOR as a gaming system administrator, serving electronic casinos, bingo, sports betting and number games. Shortly before the deal, businessman Lance Gokongwei invested PHP 2.03bn in PhilWeb and took the chairman role. PhilWeb said the funds would strengthen its capital base and support expansion.
