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US-BASED
investment fund Farallon Capital Management L.L.C has
sunk $10 million in publicly listed online gaming firm
PhilWeb Corp. in exchange for equity.
In a
disclosure to the Philippine Stock Exchange, PhilWeb
said the actual number of shares that will be issued to
Farallon depends on the prevailing exchange rate on the
date the money is received. PhilWeb expects the transfer
to happen this week.
“For
example, if based on the closing exchange rate on July
31 of P45.34 to a dollar, the total number of primary
shares that would have been issued to Farallon at 5.82
centavos per share is approximately 7.79 billion. This
would represent 5.96 percent of the expanded outstanding
capital stock of the company,” PhilWeb said.
In its
web site, Farallon, said its investments are primarily
those in which a known or expected event will cause an
appreciation in the value of the particular investment.
Investments include public and private debt and equity
securities, direct investments in private companies and
real estate.
PhilWeb
reported a net income of P84.2 million in the first six
months of the year, up 157.5 percent from P32.7 million
a year earlier.
In a
statement, president Dennis O. Valdes attributed the
first-half results to a string of growth in the
company’s core business of Internet Casino Stations. The
number of terminals it has deployed since last year rose
28 percent, and customer base grew 50 percent since the
start of 2007.
The
company’s net revenue, on the other hand, reached P127.2
million, 94-percent higher than P65.7 million in the
same comparable period.
PhilWeb
is a leading player in the exploding sector of the
Internet, and is a technology enabler of the Philippine
Amusement and Gaming Corp. It operates e-Casino Filipino
Internet casino stations and Internet sports betting
stations. |
