Investing Stocks in Philippines: laos

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Thursday, August 9, 2012

Stock News 2012: PhilWeb to invest P100 million

LAS VEGAS, NV - MAY 21: A detail shot from a new 'The Hangover' slot machine by International Game Technology at the Las Vegas premiere of the Warner Bros. Pictures movie, 'The Hangover Part II' at the Planet Hollywood Resort & Casino May 21, 2011 in Las Vegas, Nevada. The film opens nationwide in the United States on May 26. (Image credit: Getty Images via @daylife)Listed gaming solutions provider PhilWeb Corp. is investing as much as P100 million in a new company that will manufacture gaming terminals for its local network of 262 e-Games cafes and its various international businesses.

In a statement, Philweb president Dennis Valdes said the company is gearing up to compete in the booming market for these devices worldwide through PhilWeb Gaming Solutions Corp. (PGSC).

The gaming terminals will allow PhilWeb to offer a device that tightly integrates all its gaming software, while improving security and functionality in the gaming experience.

PGSC will be headed by Joe Pisano, who has been in the gaming industry for several decades and was recently named one of the Top 50 most influential persons in the gaming industry by Inside Asian Gaming magazine.

Pisano is also president of Jade Entertainment and Gaming Inc., a regional distributor for the world’s leading manufacturers of equipment used in the gaming industry, like IGT, Novomatic, FutureLogic, Crane and others.

“Pisano has been a friend for many years and his regional experience will prove invaluable as we grow in Asia Pacific. I’m very bullish on our new venture, as this device will significantly improve the gaming experience for our over 40,000 customers per day, who play on our e-Games network of close to 6,000 terminals,” Valdes said.

Valdes said Guam, Timor Leste, Cambodia, Laos and other countries where the company has extended its business activities are also expected to benefit from this venture.

“The market for these devices goes beyond just PhilWeb’s own businesses but into the realm of consumers worldwide. We can make these devices cheaper and better in the Philippines,” Valdes pointed out.

For his part, Pisano said: “I am pleased to start a new venture with PhilWeb, as their spectacular growth over the past years has shown that they are the right partner in Asia Pacific. These devices will be an excellent new business for the entire company in the coming years.”

This new venture is also expected to boost Philweb’s cashflow. In the first half of the year, PhilWeb grew its net income by 30 percent to P480 million as revenues rose 24 percent to P692 million.

Philweb earlier said it was targeting to hit at least P2 billion in profits this year or more than double the P940 million recorded in 2011, mainly driven by robust sales of sweepstakes scratch cards and the sustained growth in revenue from its “Pegs” or Philippine Amusement and Gaming Corp. (Pagcor) Internet gaming cafes.

http://www.philstar.com/Article.aspx?articleId=835036&publicationSubCategoryId=66

Monday, April 23, 2012

Stock News 2012: Atok-Big Wedge swings to profit in 2011

Ongpin-led Atok-Big Wedge Co. Inc. swung to a net income of P6.68 million last year from a net loss of P41.9 million in 2010, boosted by one-time gains from the sale of a subsidiary and the acquisition of a substantial stake in Forum Energy Plc.

During the company’s annual stockholders meeting Friday, Atok president Walter Brown said revenues went up 53 percent to P42.2 million.

The turnaround in its financial performance was also attributed to the reduction in the firm’s general and administrative expenses from P68.87 million to P35.52 million.

Brown said the company’s growth momentum will continue this year as it expects to benefit from its indirect investment in Forum, a United Kingdom-based gas and oil exploration and production company which has a 70 percent equity in Service Contract 72 covering the Sampaguita offshore gas project located off the north west coast of Palawan.

In October 2011, Atok acquired 100 percent of Tidemark Holdings Ltd, a Hong Kong company that owns 25.92 percent of Forum’s outstanding capital.

Brown reported that the interpretation of SC 72’s seismic program was already completed and that the results were encouraging. A drilling program is slated to begin early December this year.

SC 72 is a joint venture between Forum Energy and Monte Oro Resources and Energy Inc. Philex Petroleum has a 64.45 percent direct and indirect interest in Forum Energy which was acquired before Ongpin sold his stake in PPC parent company Philex Mining Corp.

Outside the Philippines, the company was granted authority to establish a representative office in Laos in April 2011.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=799687

Wednesday, July 14, 2010

Stock News 2010: PhilWeb seals joint venture deal in Cambodia

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