Gaming group PhilWeb has announced that it has sold off its stake in the German betting group Acentic GmbH to Lantic Holding for $750,000.
The revelation was made in a Philippines stock exchange notice, wherein the company announced the move, also noting that the group had collected settlement of its receivables worth €1,973,250. The company also revealed that they raided P140 million, which will be used to support the group while they wait to hear whether the Filipino state lottery group PAGCOR will grant the group the new contract for services.
PhilWeb had held that license for quite some time, providing more than 5,000 jobs in the Philippines and throughout the world. Earlier this year though, PAGCOR let the license lapse, and opened the contract for outside bids as well, causing PhilWeb to suspend operations until a decision is reached.