via Khmer NZ
Philippine Daily Inquirer
First Posted 21:10:00 07/15/2010
LOCAL TECHNOLOGY firm Phil-Web Corp. is breaking into Cambodia’s gaming market via a joint venture deal.
PhilWeb disclosed that it had concluded a joint venture agreement with 5P Corp. Ltd., a company controlled by Hun Sen Ny, sister of Cambodian Prime Minister Hun Sen. The deal will allow the partners to operate Internet-based and mobile-based games of chance in this Southeast Asian country.
The joint venture has already secured a national gaming license to operate games such as lotteries, Internet casino-cafés and others.
The joint venture is 80-percent owned by PhilWeb Cambodia Ltd., a wholly owned subsidiary of PhilWeb Corp., while 20 percent is held by 5P Corp. Ltd. Total capital investments is estimated to reach $5 million over a five-year period.
“The Cambodian joint venture is consistent with PhilWeb’s focus on an international expansion strategy,” the disclosure said.
PhilWeb chair Roberto V. Ongpin and president Dennis O. Valdes recently visited Phnom Penh where they met with Cambodian Deputy Prime Minister Sok An.
“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,” the disclosure said.
Doris C. Dumlao
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