Philippine-based gaming technology provider PhilWeb Corp. has sold its digital entertainment business in Germany in order to raise funds as the company awaits their license to operate in the Southeast Asian nation.

In a disclosure to the Philippine Stock Exchange on Tuesday, PhilWeb announced that it has sold its interest in Germany-based digital entertainment business Acentic GmBH to Niantic Holding GMBH for US$750,000. Acentic GMBH is a company in Cologne that specializes in hotel-room digital entertainment.

PhilWeb added that it also has collected the sum of €1,973,250 (US$2.06 million), from Acentic, in full settlement of its loan receivables.

“Thus, in total, the company will have cash proceeds of approximately Php140 million. This amount will be utilized by the company to cover its overhead while it awaits the reissuance of its license from PAGCOR,” PhilWeb Corporate Officer Raymund Aquino said in the regulatory filing.