PhilWeb Corporation, a gaming technology firm listed in the Philippines, announced that its majority shareholder is divesting a 57 percent stake in the company, valued at approximately USD 31 million (PHP 1.80 billion).
The transaction covers 829.57 million common shares, to be sold at PHP 2.17 per share. The buyers are two Philippine-based holding firms, Nexora Holdings Inc. and Velora Holdings Inc., both of which are not engaged in securities brokering.
Because the acquisition involves control of more than 35 percent of PhilWeb’s outstanding voting shares, the buyers are required to launch a mandatory tender offer to all remaining shareholders under local securities regulations.
Trading of PhilWeb shares was briefly suspended on the Philippine Stock Exchange on Thursday morning following the announcement.
The seller, Gregorio Araneta, Inc., is controlled by businessman Gregorio Araneta III, marking his exit from PhilWeb after holding a controlling interest since 2016.
PhilWeb disclosed that Edgar Brian Ng, who currently serves as president and director of both PhilWeb and its subsidiaries, also holds key roles as president, chairman, and director of Nexora Holdings Inc. Ng previously submitted his resignation effective September 30 but later withdrew it.
Crisanto Roy Alcid, PhilWeb’s vice chairman and director, is likewise listed as director and treasurer of Nexora, highlighting cross-affiliations between the acquiring firms and PhilWeb’s current leadership.
Under the deal’s terms, some of PhilWeb’s current directors are expected to vacate their seats and be replaced by representatives from the buyer group, subject to regulatory clearance and compliance with corporate governance requirements.
