Electronic bingo operators PhilWeb Corporation and Palmary Corporation have signed an agreement to jointly develop their eBingo businesses.
As part of the agreement, Palmary agreed to purchase 97,333,333 shares in PhilWeb or about 6.78 percent of the company.
PhilWeb currently operates six eBingo outlets nationwide and is a service provider to 67 eGames outlets. Palmary operates 16 eBingo outlets and is a supplier of eBingo machines to PAGCOR’s network of more than 300 eBingo outlets, supplying over 30,000 eBingo terminals.
As part of the agreement, the two companies will co-manage 22 eBingo outlets.
“We are very excited about our future in the e-bingo business in cooperation with the Palmary Group,” said PhilWeb Chairman Gregorio Ma. Araneta III in a press release. “When combined with our growing e-Games business, we now have an expanding, two-fold footprint in the whole electronic gaming sector.”
