Filipino firm has signed a joint venture agreement with 5P Corporation to bring online and mobile-based games of chance to Southeast Asian nation.
Monday 19th July 2010
In the Philippines, publicly-listed online gaming technology firm PhilWeb Corporation looks set to break into Cambodia’s emerging market after signing a joint venture agreement with local company 5P Corporation Limited.
The Cambodian firm is controlled by Hun Sen Ny, the sister of Cambodian Prime Minister Hun Sen, with the partners set to begin operating online and mobile-based games of chance for the nation’s population of nearly 15 million.
“The Cambodian joint venture is consistent with PhilWeb’s focus on an international expansion strategy,” read a statement from the Manila-based firm.
“PhilWeb is also working to obtain gaming licenses in other countries including Laos, Vietnam, Myanmar, Guam, Saipan, Palau, Papua New Guinea, East Timor, Nepal and others.”
Eighty percent of the joint venture is owned by PhilWeb Cambodia Limited, a subsidiary of PhilWeb, which estimated that total capital investment over a five-year period would reach five million dollars.
PhilWeb acts as the enabler of the State-run Philippine Amusement And Gaming Corporation (PAGCor) and revealed that its latest venture had already secured a Cambodian gaming license in order to operate lotteries and online casino cafes.
