PhilWeb bets P4.23 billion on JKS Tech

MANILA, Philippines — PhilWeb Corp. is investing P4.23 billion in technology firm JKS Tech Solutions Inc., which in turn will acquire a 4.85-percent stake in the listed gaming service provider. PhilWeb has executed two subscription agreements with JKS to subscribe to common B shares at P394 apiece. The agreements involve PhilWeb subscribing to 3.41 million Common B shares amounting to P1.34 billion, and its wholly owned subsidiary, PhilWeb Capital Corp., subscribing to 7.32 million Common B shares for P2.88 billion. PhilWeb also executed a separate share purchase agreement for the sale to JKS of 81.38 million common shares at P16.50 per share, or a total of P1.34 billion. The shares to be acquired by JKS represent approximately 4.85 percent of PhilWeb's issued and outstanding shares. PhilWeb said proceeds from the sale of the treasury shares would partially fund its subscription for JKS Common B shares. The proceeds will also provide the company with additional financial flexibility to support its capital requirements, strategic investments and other general corporate purposes. PhilWeb said the transactions remain subject to the satisfaction of the applicable terms and conditions outlined in the share purchase agreements. JKS is a Philippine business-to-business technology, platform and digital infrastructure company serving licensed mid-market operators in the digital entertainment sector. The company has an established operating presence in the Philippine market and its business is complementary to PhilWeb's existing ecosystem. PhilWeb, for its part, has established a strong market footprint across the Philippine digital gaming and entertainment ecosystem, working with leading licensed operators, integrated resorts and platform partners