Image via WikipediaMANILA, Philippines - Listed online technology firm PhilWeb Corp. has concluded a joint venture agreement with 5P Corporation Ltd. of Cambodia for the license to operate Internet- and mobile-based games of chance in that country.5P Corporation is a diversified company, which is controlled by Madam Hun Sen Ny, the sister of Cambodian Prime Minister Hun Sen.
The joint venture is 80% owned by PhilWeb Cambodia Ltd., a wholly owned subsidiary of PhilWeb Corp., and 20% owned by 5P Corporation Ltd. Estimated total capital investments will be $5 million over a 5-year period.
The Cambodian joint venture is part of PhilWeb's efforts to expand overseas.
PhilWeb is also working to obtain gaming licenses in other countries, including Laos, Vietnam, Myanmar, Guam, Saipan, Palau, Papua New Guinea, East Timor, and Nepal.
http://www.abs-cbnnews.com/business/07/14/10/philweb-seals-joint-venture-deal-cambodia
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