Philippines-based gaming technology provider PhilWeb Corporation is aiming to raise at least P6 billion (US$128.6 million) through a private placement of shares, which will be used for its expansion program.

In a disclosure to the Philippine Stock Exchange on Wednesday, Philweb said it has secured the nod of the stockholders for its proposal to make a private placement of up to 300 million shares at a discount to the market, but in no case less than P20 ($0.43) per share.

The 300 million shares are equivalent to a stake of nearly 20% in the company. The current market price of PhilWeb shares as of Wednesday’s close is P23.90 ($0.51) per share.

Philweb, which is led by former Philippine trade secretary Roberto Ongpin, quickly pointed out that the company’ board or executive committee will be the one who will determine the actual price and payment terms.