PhilWeb Corp. reported on Tuesday that it acquired more than a dozen electronic bingo (e-bingo) outlets and two e-bingo machine suppliers from the Palmary Group for P730 million.
In a disclosure, the listed gaming service provider said it signed deals to purchase all the total issued capital stock of 16 e-bingo companies for P450 million and the two suppliers for P280 million on March 8.
The 16 outlets and two suppliers had combined gross gaming revenues of about P1.2 billion and almost P365 million, respectively, in 2019.
The acquisition has allowed PhilWeb to expand its gaming service portfolio to e-bingo outlets, as the two companies currently serve as accredited suppliers to 64 e-bingo outlets nationwide.
PhilWeb’s wholly owned subsidiary, BigGame Inc., operates 31 Philippine Amusement and Gaming Corp. (Pagcor)-accredited e-game outlets. Another, Easy eBingo Inc., has Pagcor-issued gaming licenses for such outlets.
The acquisition also allowed PhilWeb to operate 22 e-bingo outlets.
Trading of PhilWeb’s shares was suspended on Tuesday after closing at P2.70 apiece on Monday.