In a stock exchange filing n Friday, the company said Edgar N. Ang, Mario A. Oreta, William M. Valtos Jr., and Philip S. Tuazon resigned to make way for new leadership under president Edgar Brian K. Ng.
Taking their place are Tsu Chuan Tseng as director, alongside newly appointed independent directors Marie Antonette B. Quiogue, Daniel Tirona Francisco, and Anthony Ferdinand C. Yu.
Philweb shares traded modestly lower on Friday at P11.22 each, valuing the technology and gambling-focused firm at about P16 billion.
New directors bring gaming, legal expertise
Tseng, a graduate of the University of Illinois Urbana-Champaign College of Law, has more than a decade of experience in the online gaming sector. Her work spans regulated markets including the United Kingdom, Brazil, and the Philippines.
Quiogue is the founder and chief executive officer of Arden Consult and a staunch advocate of regulated online gambling. She holds an LL.M. from Columbia Law School, an MBA from De La Salle University, and a JD from Far Eastern University Institute of Law.
Francisco previously served as vice president of Oak Drive Capital Inc., where he oversaw land management and asset development initiatives. He also worked as executive assistant to the president and chief executive officer of the PJ Lhuillier Group of Companies, handling investment coordination and corporate operations.
Meanwhile, Yu serves as director for sales at SYU Group Systech Corp. (Polywall Philippines).
Tender offer draws no sellers
Earlier, a mandatory tender offer followed the acquisition of a 57.78 percent stake in PhilWeb by Nexora Holdings Inc., a vehicle linked to the company’s management, together with co-investor Velora Holdings Inc. The stake was acquired from Gregorio Araneta Inc.
Under Philippine takeover rules, the buyers were required to conduct a mandatory tender offer for up to 449.16 million public shares, representing about 31.28 percent of PhilWeb’s outstanding stock, at P2.17 per share.
The offer ran from Jan. 19 to Feb. 16, 2026, but no shares were tendered during the period.
Stock rally reflects digital push
The lack of participation came as PhilWeb’s stock had surged more than 760 percent over the past 12 months and was trading around P11.30 per share, far above the tender offer price.
Separately, PhilWeb has been expanding its digital gaming footprint through new platform partnerships.
These include embedding its online gaming technology in FBM Philippines’ electronic gaming venues and supporting operations such as Hann Online, the digital gambling arm of Hann Casino Resort in Pampanga.
—Edited by Miguel R. Camus
