PLDT ups Philweb stake to 25.5%

3 Oct 2006

The Philippines’ dominant telecoms carrier Philippine Long Distance Telephone (PLDT) has acquired an additional 6.2% of publicly listed internet gaming firm Philweb Corp through its wholly owned subsidiary ePLDT for PHP208.9 million (USD 4.19 million). The purchase of 8.037 billion shares, priced at PHP0.26 per share, lifts its equity interest in the firm to 25.5%. PLDT first bought into the firm earlier this year and sees it as crucial in its bid to gain a firm hold on legitimate gaming for the group’s mobile business as well as its fixed line and wireless broadband (PLDT DSL and Smart Bro) businesses.