PhilWeb Corp. and its wholly owned subsidiary PhilWeb Capital Corp. have agreed to invest a combined ₱4.226 billion in JKS Tech Solutions Inc., a Philippine technology and digital infrastructure company serving licensed operators in the digital entertainment sector. (PSE EDGE)
Under the agreements, PhilWeb will subscribe to 3.41 million JKS Common B shares at ₱394 each for about ₱1.34 billion. PhilWeb Capital will subscribe to another 7.32 million shares at the same price for roughly ₱2.88 billion. Together, the subscriptions are intended to give the PhilWeb group an approximately 30% strategic equity interest in JKS. (PSE EDGE)
JKS is separately buying 81.38 million PhilWeb treasury shares at ₱16.50 each for about ₱1.34 billion. Those shares represent approximately 4.85% of PhilWeb’s issued and outstanding shares. PhilWeb said proceeds from the treasury-share sale will partly fund its own subscription in JKS. (PSE EDGE)
PhilWeb describes JKS as a business-to-business technology, platform and digital infrastructure company serving licensed mid-market operators in the Philippine digital entertainment sector. PAGCOR lists JKS as an accredited gaming system administrator for the Epic Game brand. (PSE EDGE)
The Philippine Stock Exchange classified the transaction under its rules governing substantial acquisitions and reverse takeovers and suspended trading in PhilWeb shares beginning September 8 while awaiting the required comprehensive disclosure. The classification does not itself mean the deal is a reverse takeover. (PSE EDGE)
The subscriptions remain subject to JKS shareholder approval, Securities and Exchange Commission approval, other regulatory requirements and the terms of the agreements. (PSE EDGE)