Lance Gokongwei Buys 15% of PhilWeb for $33 Million as Firm Expands AI, Gaming Push
Updated
Updated · Bloomberg · Jun 24
Lance Gokongwei Buys 15% of PhilWeb for $33 Million as Firm Expands AI, Gaming Push
1 articles · Updated · Bloomberg · Jun 24
Summary
2.03 billion pesos ($33 million) will give Lance Gokongwei a 15% stake in PhilWeb Corp., deepening the Philippine billionaire’s bet on online gaming technology.
PhilWeb said the investment will support its push into artificial intelligence while broadening Gokongwei’s exposure to the gaming industry.
To accommodate the deal, the company will raise its authorized capital stock to 3.6 billion pesos from 2.6 billion pesos.
The move links one of the Philippines’ biggest conglomerate families—whose businesses span food to airlines—more directly to a fast-evolving gaming and AI market.