PhilWeb International Gaming Corp. has been formed by Philippines online gambling and Internet gaming interests to extend the reach of Philweb's global gaming efforts.
The directorate of the new entity is believed to correspond with that of it's Manila-based and publicly listed parent Philweb and includes the former trade minister Roberto V. Ongpin, reports ABS-CBN News
"The primary purpose (of the company) is to engage in international gaming ventures including all forms of gaming which are legal in the countries in which it will operate," PhilWeb said in documents filed with corporate regulators. The new company's authorised capital is P1 billion, divided into one billion shares with a par value of a peso each.
PhilWeb Corp. subscribed to 25 percent of the new international subsidiary, the minimum subscription required by the corporation code. The parent gaming firm has three major subsidiaries: PhilWeb Gaming Solutions Corp. whose purpose is to develop and operate licensed game promotions and online gaming solutions; PhilWeb Leisure & Tourism Corp. and PhilWeb Tourism and Entertainment Corp., operators of leisure and "tourism-oriented" activities.
From January to September, profits of the listed company rose to P372 million from P211.75 million in the same period last year, with revenues up by 86 percent to P580 million in the same period due to more acton on its Internet casino business and an increase in the number of Internet cafe casinos.