Former CEO Roberto Ongpin has completed the sale of his remaining shares in PhilWeb Corporation, the gaming technology provider announced on Friday.
In a filing to the Philippine Stock Exchange, PhilWeb confirmed that Mr Ongpin had sold 118,500,000 shares to Gregorio Araneta, Incorporated (GA, Inc) at a price of P2.60 per share, having previously sold 653,151,896 shares on 22 May.
The transaction, “marks the second and final tranche of the sale of Mr Ongpin’s full holdings,” to GA, Inc, the filing said, with GA, Inc now the new majority shareholder. GA, Inc was founded in 1931 to manage the business interests of renowned lawyer Don Gregorio Araneta and is headed by the founder’s grandson and namesake, Gregorio Araneta III.
Mr Ongpin stepped down from his role at PhilWeb – a provider of software and services to Pagcor’s e-cafés – last August in order to “save the company” after the former trade minister was singled out by President Rodrigo Duterte as an “oligarch” who was “embedded in government.”
He quickly became a symbol of Duterte’s anti-gambling crusade, with PhilWeb President Dennis Valdes stating at the time that, “The main reason why Mr Ongpin resigned from PhilWeb is to save the company. He recognized that if he stayed on, PhilWeb’s e-Games outlets could be shut down, which would lead to the loss of its business and eventual closure, affecting more than 5,000 employees.”
Speaking upon completion of the sale on Friday, Mr Araneta said, “On behalf of the Board of Directors of PhilWeb, I would like to thank Mr Ongpin for his unparalleled contributions to the company since its inception on 18 January 2000.
“Over the past 17 years, WEB consistently delivered value to all its shareholders and it was under Mr Ongpin’s stewardship that the company became the largest and most profitable provider of IT technology in the country.
“There is a saying that when one door closes, another one opens.
“We expect to rebuild PhilWeb’s revenues by renewing our efforts in gaming services and increasing our focus into other areas in gaming.”
Mr Ongpin’s total stake in PhilWeb had totaled 53.76% of shares.
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