JKS buys P2.88 billion PhilWeb shares, ups stake to 14.2%

MANILA, Philippines — 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.

PhilWeb said it entered into a share purchase agreement with JKS yesterday, wherein it agreed to sell a total of 219.05 million shares.

The shares consist of 157.04 million common shares at P16.50 apiece and 62.01 million preferred shares at P4.71.

“JKS is strategically complementary to PhilWeb in both market reach and operating capabilities. Our priority now is execution – progressively integrating systems, technology, data and selected shared services to create a more efficient and scalable B2B infrastructure platform,” PhilWeb president Brian Ng said.

PhilWeb said the transaction forms part of the strategic investment initiatives involving JKS, a Philippine business-to-business technology, platform and digital infrastructure company serving licensed mid-market operators in the digital entertainment sector.

JKS is expected to hold approximately 14.22 percent of PhilWeb’s issued and outstanding shares upon completion of the transaction.

PhilWeb earlier agreed to sell 81.38 million common shares from its existing treasury stock to JKS at P16.50 per share, generating approximately P1.34 billion in proceeds to be redeployed toward the strategic investment.

The shares represent approximately 4.85 percent of PhilWeb’s issued and outstanding shares.