The board at Premiere Entertainment Productions, based in the Philippines, has approved the extension of a €43,844 loan to Digiwave Solutions, an online gaming and software developer it is in the process of acquiring, for expansion and operational requirements.
PEP had earlier signed an agreement covering the issuance of its shares in exchange for 100 per cent ownership of Digiwave.
The company has said the selling shareholders of Digiwave agreed to infuse up to P200m in cash into PEP.
PEP currently creates motion pictures and program content for television, cable broadcast and video distribution.
Digiwave develops software and provision for leisure gaming purposes and operates two e-games stations of government owned Philippine Amusement and Gaming Corporation.
