PhilWeb signs e-bingo venture with Palmary
PhilWeb said it signed an agreement with Palmary Corp to jointly develop an electronic bingo or e-bingo business.
PhilWeb, an accredited service provider of PAGCOR, operates 6 e-bingo outlets while the Palmary group, a supplier of e-bingo machines for PAGCOR, has a network of over 300 e-bingo outlets with over 30,000 e-bingo terminals.
The partnership will expand the footprint of the 2 companies in the gaming sector, PhilWeb said in a disclosure to the stock exchange.
“We are very excited about our future in the e-bingo business in
cooperation with the Palmary Group. When combined with our growing e-Games business, we now have an expanding, two-fold footprint in the whole electronic gaming sector,” PhilWeb chairman Gregorio Araneta III said.
Palmary Corp also signed a share purchase agreement to acquire 6.78 percent of PhilWeb.