PhilWeb Corp. is committing a combined P4.23 billion to JKS Tech Solutions Inc., deepening its exposure to the Philippine digital infrastructure and technology sector through subscriptions to shares of the B2B platform company.
Under two subscription agreements, PhilWeb will subscribe to 3.41 million Common B shares of JKS at P394 each for P1.34 billion. Its wholly owned subsidiary, PhilWeb Capital Corp., will subscribe to another 7.32 million shares for P2.88 billion at the same price.
The agreements call for initial payments totaling P515.9 million at the first closing, with the remaining P3.71 billion payable thereafter.
The transactions remain subject to approval by JKS shareholders and the Securities and Exchange Commission, as well as other applicable regulatory requirements and the terms of the subscription agreements.
JKS is a Philippine B2B technology, platform, and digital infrastructure company serving licensed mid-market operators in the digital entertainment sector. The Philippine Amusement and Gaming Corp. lists JKS as the gaming system administrator for the Epic Game brand. The company offers electronic casino and other online games.
The deal gives PhilWeb and PhilWeb Capital separate subscriptions in JKS, with the parent taking P1.34 billion of shares and its wholly owned subsidiary P2.88 billion. The staged payment structure leaves P515.9 million due at the first closing, with the balance payable thereafter.
The subscriptions remain subject to shareholder and regulatory approvals before they can be completed.
Billionaire Lance Gokongwei recently took a major stake in PhilWeb and was named its new chairman.
