PEP board OKs P30-M loan to online gaming firm


Posted at Jun 12 2008 11:10 AM | Updated as of Jun 12 2008 07:10 PM

Publicly-listed Premiere Entertainment Productions Inc. (PEP) said Thursday its board has approved the extension of a P30-million loan to Digiwave Solutions Inc., a local online gaming and software developer it is acquiring.

The company said Digiwave set the amount for expansion and operational requirements.

PEP earlier signed an agreement covering the issuance of its shares in exchange for 100-percent ownership of Digiwave. It said the selling shareholders of Digiwave agreed to infuse up to P200 million in cash into PEP.

PEP creates motion pictures and program content for television, cable broadcast and video distribution.

Digiwave, on the other hand, is engaged in the business of software development and provision for leisure gaming purposes. It operates two e-Games stations of government-owned Philippine Amusement and Gaming Corp. (Pagcor) and was looking at opening eight more stations this month.

The company has developed two games, “Baduki” and “7-Card Stud” poker, which are available at Pagcor's e-Games stations.