Philippine Telco Acquires 20% In Gaming Firm PhilWeb For $9.7 Million

Philippine Long Distance Telephone Co. (PLDT) has acquired a 20-percent stake in internet gaming firm PhilWeb Corp. The deal will also allow PLDT to bring gaming services to its millions of mobile phone users, said a statement. PLDT said the acquisition was valued at P502.4 million ($9.7 million). PLDT’s e-business arm is buying the stake from a group owned by Philippines’ former trade minister Roberto Ongpin. The deal will be signed on Friday. ePLDT is a wholly owned subsidiary of PLDT, which also owns mobile phone company Smart Communications Inc. [More here]

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