Philippines gaming platform provider PhilWeb Corp says a cross-investment deal entered into this week with local Philippine B2B technology, platform and digital infrastructure company JKS Tech Solutions Inc is seen as “complementary” to its existing gaming ecosystem and an important part of its strategic investment initiatives.
The company first announced the investment deal on Monday, revealing that JKS has acquired a 4.85% stake in PhilWeb, while PhilWeb has subscribed to common shares in JKS worth a combined US$67.4 million.
On Tuesday and in response to queries from the Philippine Stock Exchange, PhilWeb explained that the proceeds from the JKS acquisition of PhilWeb shares would be partially used to fund its subscription to Common B Shares of JKS but would also “provide the company with additional financial flexibility to support its capital requirements, strategic investments” and other general corporate purposes.
