PhilWeb Corporation has sold its Acentic GmbH business

PHILWEB SELLS GERMAN INTEREST (Update)

To provide fiscal operational support as it awaits news of license bid from PAGCOR.

PhilWeb Corporation has sold its Acentic GmbH business to Lantic Holding GmbH for a $750,000 consideration as it has fights to stay operational in the Philippines.

In a Philippines stock exchange disclosure, PhilWeb said it had also collected full settlement of its loan receivables totaling Euro 1,973,250.

In total, P140 million was raised to provide fiscal support as the embattled company awaits news from the Philippine Amusement and Gaming Corporation (PAGCOR) on whether it has won a bid for the renewal of its license.