PhilWeb Corp. is pouring P4.23 billion into JKS Tech Solutions Inc., a business-to-business technology, platform, and digital infrastructure company serving licensed operators in the digital entertainment sector, in a major expansion of its technology investments.

In a regulatory filing on Tuesday, PhilWeb said it signed two subscription agreements covering a combined 10.73 million Common B shares of JKS at P394 apiece.

PhilWeb will directly subscribe to 3.41 million shares worth P1.34 billion, while its wholly owned subsidiary, PhilWeb Capital Corp., will take up another 7.32 million shares for P2.88 billion.

This brings the listed company's combined investment in JKS to about P4.23 billion.

PhilWeb will pay P335.70 million of its subscription upon the first closing, with the remaining P1.01 billion payable thereafter.

PhilWeb Capital, meanwhile, will initially shell out P720.82 million, with the remaining P2.16 billion to be paid later.

Combined, PhilWeb and its subsidiary will put up about P1.06 billion at the first closing, leaving roughly P3.17 billion payable thereafter.

The JKS shares will come from a proposed increase in the technology company's authorized capital stock.

Their issuance remains subject to JKS stockholder and Securities and Exchange Commission approvals, as well as compliance with other regulatory requirements and the conditions of the subscription agreements.

The investment comes alongside a separate deal that will give JKS a direct stake in PhilWeb.

Under a share purchase agreement, PhilWeb will sell 81.38 million treasury shares to JKS at P16.50 apiece for a total of P1.34 billion.

The shares represent about 4.85 percent of PhilWeb's issued and outstanding shares.

JKS will initially acquire 20.35 million PhilWeb shares for P335.70 million, then purchase the remaining 61.04 million shares for P1.01 billion at the second closing.