Thursday April 20, 2006 |
News
PLDT IT unit confirms acquisition
The subsidiary of telecommunications giant Philippine Long Distance Telephone Company (PLDT) yesterday confirmed plans to acquire a 20% stake in online gaming firm Philweb Corp.
In a letter to the stock exchange, PLDT assistant corporate secretary Florentino D. Mabasa, Jr. said the board of directors of ePLDT, the company's technology arm, approved the said investment in Philweb in a meeting last Monday.
"ePLDT, Inc., a wholly owned subsidiary of Philippine Long Distance and Telephone Company, confirms that it will invest in new common shares of Philweb Corporation equivalent to 20% of its outstanding common stock," Mr. Mabasa said.
He said ePLDT, Inc. and Philweb are finalizing the terms of investment, and subscription agreements -- including the final amount of the shares, and the final price of the sale -- before closing the deal.
In a separate filing, Philweb vice-president Sonia C. Veras also confirmed the deal.
Philweb, owned by the group led by former trade secretary Roberto Ongpin, is into internet gaming. It has received license from the Philippine Amusement and Gaming Corp. to operate Internet Sports Betting and Internet Casino. -- J. O. Valisno
No comments:
Post a Comment