PhilWeb raising capital for expansion of internet gambling assets

The Philippino gambling group PhilWeb Corporation has announced a capital raising initiative to fund expansion of its internet cafe gambling facilities, revealing that it plans to raise US$128.6 million through the sale of treasury and subsidiary-held shares.

In a stock exchange advisory this week the company certified that its shareholders have unanimously approved the project for a private placement of over 300 million shares in the corporation priced at a minimum of P20 per share.

“With this war chest, the company will have the ability to go on an aggressive expansion program,” the filing explained..

By the end of 2015, the firm’s network included 268 e-games outlets with more than 8,800 gaming terminals and around 90,000 registered members.