Gaming company PhilWeb Corp. said Tuesday it acquired 16 eBingo outlets and 2 electronic bingo or eBingo machine suppliers from the Palmary Group to expand its electronic games business.
PhilWeb said in a disclosure to the stock exchange it signed deeds of sale for the acquisition of 100 percent of the total issued capital stocks of 16 eBingo companies for P450 million and two accredited e-bingo machine supplier companies for P280 million.
“The acquisition will further diversify PhilWeb’s revenue streams in an industry with strong growth potential. This is in line with the expansion of PhilWeb’s electronic bingo business. This will generate revenues from the 16 electronic bingo outlets it will now own,” the company said.
“More importantly, with the acquisition of the two accredited electronic bingo machine supplier companies, PhilWeb will be able to expand its services beyond the electronic games outlets to electronic bingo outlets as well,” it said.
