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PhilWeb sells stake in German business to cover overheads

3rd January 2017 9:55 am GMT

Manila-listed gaming technology provider PhilWeb Corporation has sold its stake in Germany's Acentic GmbH in order to cover its operating costs while it awaits the reissuance of its gaming licence in the Philippines.

PhilWeb sold its 32.5 per cent stake in Acentic, a supplier of in-room entertainment and communications solutions for hotels, to finance firm Niantic Holding for USD$750,000.

Philweb also received €1.97m from Acentic in repayment of loans provided to the company, taking its total proceeds from the sale to [...]

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