Take the case of PhilWeb Corp., which is on fire with a 220-percent stock surge so far this year. The smoke eventually came, with the firm repeatedly issuing backdoor listing denials.
That might soon change as owner Gregorio Ma. Araneta III sold a majority stake to two newly incorporated entities that share the same office address in Bonifacio Global City.
One of these firms lists a Chinese national among its incorporators, while the other is linked to PhilWeb’s own executives, making it look like a classic management buyout.
But it’s not as it seems.
While still being finalized, sources say this is in preparation for the listing of Playtime, a smaller but fast-growing online gaming player in an arena dominated by DigiPlus Interactive.
Many will recall this rumor was first floated by Bilyonaryo, though it was later denied by PhilWeb.
This isn’t surprising since we're told many inside the firm weren’t aware of the deal.
The circle was so small that some higher-ups say they were kept out of the loop and were only informed of the sale when they were told to resign.
Few are familiar with Playtime's ownership, but several insiders say it’s led by an Ivy League–educated gaming veteran who once worked for a major rival.
What also makes this move intriguing is that the same executive has ties to a large integrated casino, which could set the stage for potential online and onsite synergies ahead as the digital gambling sector comes under regulatory scrutiny.
And don’t bother looking him up because his digital footprint seems to have been wiped clean. We guarantee there's no smoke coming out of that.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
