Philippine gaming technology company PhilWeb Corporation has agreed to invest PHP4.23 billion ($67.4 million) in JKS Tech Solutions, while JKS will acquire a 4.85% stake in PhilWeb as part of a series of linked equity transactions.
Under two subscription agreements signed on September 7, PhilWeb will acquire 3.41 million Common B shares in JKS at PHP394 per share, representing an investment of approximately PHP1.34 billion. PhilWeb’s wholly owned subsidiary, PhilWeb Capital Corporation, will separately subscribe to 7.32 million JKS shares at the same price for about PHP2.88 billion. Together, the two investments total roughly PHP4.23 billion.
JKS will take a stake in PhilWeb through a separate share purchase agreement covering 81.38 million treasury shares priced at PHP16.50 each. The transaction is worth approximately PHP1.34 billion and will leave JKS holding about 4.85% of PhilWeb’s issued and outstanding shares once completed.
The PhilWeb share sale is structured in two stages. The first covers around 20.35 million shares valued at PHP335.7 million, while the remaining 61.03 million shares, worth approximately PHP1.01 billion, are scheduled for a second closing. Completion of the later stage depends on several conditions, including approval of JKS’s planned increase in authorized capital stock and the relevant Philippine Stock Exchange clearance.
PhilWeb said proceeds from the treasury-share sale will partly finance its own subscription in JKS. The funds are also expected to strengthen PhilWeb’s financial flexibility for capital requirements, strategic investments and other corporate purposes.
JKS operates as a Philippine B2B technology, platform and digital infrastructure provider serving licensed companies in the digital entertainment sector. It is listed by the Philippine Amusement and Gaming Corporation as a gaming system administrator and supports the Epic Game platform, which provides products including electronic casino games, electronic bingo and sports betting.
The investment gives PhilWeb exposure to a technology business complementary to its existing Philippine gaming operations and forms part of the company’s broader push toward technology-led services for regulated operators.
The size of the acquisition also triggered regulatory action from the Philippine Stock Exchange. The exchange classified PhilWeb’s JKS investment under its rules governing substantial acquisitions and suspended trading in PhilWeb shares from 9:00 a.m. on September 8. Trading will remain suspended until the company provides the comprehensive disclosure required by the exchange.
The transactions follow recent changes at PhilWeb, including the appointment of businessman Lance Gokongwei as chairman, as the company continues repositioning itself around B2B gaming technology and digital infrastructure.