PhilWeb Corporation inks joint venture agreement with an influential operator
The Manila-listed online gambling technology provider PhilWeb Corporation scored a significant coup this week, inking a joint venture agreement with the Cambodian firm 5P Corporation with the goal of breaking into the online and mobile gambling sector in the country, which boasts a population of some 15 million.
5P has influence arising from principal shareholder Hun Sun Ny, the sister of Cambodian prime minister Hun Sen.
“The Cambodian joint venture is consistent with PhilWeb’s focus on an international expansion strategy,” read a statement from the Manila-based firm.
“PhilWeb is also working to obtain gaming licenses in other countries including Laos, Vietnam, Myanmar, Guam, Saipan, Palau, Papua New Guinea, East Timor, Nepal and others.”
Eighty percent of the joint venture is owned by PhilWeb Cambodia Limited, a subsidiary of PhilWeb, which estimated that total capital investment over a five-year period would reach five million US dollars.
PhilWeb acts as the enabler of the State-run Philippine Amusement And Gaming Corporation (PAGCOR) and revealed that its latest venture had already secured a Cambodian gaming licence in order to operate lotteries and online casino cafes.
The Philippines government recently indicated that it was considering the privatisation of PAGCOR (see previous InfoPowa report).
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