PhilWeb Corp. said it is in discussions with potential strategic investors and partners as it seeks to raise fresh capital to fund expansion plans in digital gaming and technology infrastructure.
To facilitate the potential entry of strategic investors, PhilWeb said it will seek shareholder approval to increase its authorized capital stock to P3.6 billion from P2.6 billion. The company said this will give it greater flexibility in pursuing strategic growth, acquisitions and funding initiatives.
Under the proposal, PhilWeb plans to increase its authorized capital stock to 2.55 billion common shares and 1.05 billion redeemable preferred shares, both with a par value of P1 per share.
“The company is currently exploring and is in various stages of discussions with potential strategic investors and partners,” PhilWeb said in a regulatory disclosure.
The listed gaming technology firm said the additional shares could be used for strategic funding initiatives as well as possible asset-for-share swaps aligned with its expansion plans.
PhilWeb said potential proceeds or asset injections from future share issuances will be used to acquire synergistic digital gaming and technology assets, fund working capital for infrastructure upgrades and strengthen its balance sheet to support regional expansion.
While the company still has unissued common and preferred shares, PhilWeb said the proposed capital hike will allow it to move quickly to capitalize on market opportunities.
PhilWeb is primarily engaged in providing gaming technology services to licensed gaming operators regulated by the Philippine Amusement and Gaming Corp.
During the first quarter, it entered into several agreements with key clients and content providers to boost revenue growth. It previously teamed up with casino operators Newport World Resorts, Okada Manila and Nustar Resort and Casino to support their online gaming platforms.
