JKS buys P2.88 billion PhilWeb shares, ups stake to 14.2%
Technology firm JKS Tech Solutions Inc. is raising its stake in listed gaming service provider PhilWeb Corp. to 14.22 percent through the purchase of additional shares worth P2.88 billion.
JKS Tech Solutions Inc. has increased its ownership in gaming service provider PhilWeb Corp. by purchasing additional shares worth P2.88 billion, raising its stake to 14.22 percent. The acquisition was formalized through a share purchase agreement, where PhilWeb agreed to sell 219.05 million shares, consisting of 157.04 million common shares at P16.50 each and 62.01 million preferred shares at P4.71.
PhilWeb president Brian Ng expressed confidence in the strategic alignment between JKS and PhilWeb, emphasizing the focus on integrating systems, technology, data, and shared services to enhance the B2B infrastructure platform. The transaction marks a significant strategic investment by JKS, a Philippine technology and digital infrastructure firm catering to licensed mid-market operators in the digital entertainment sector.
Upon completion, JKS is projected to hold approximately 14.22 percent of PhilWeb's issued and outstanding shares.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
