This comes after INSIDER INFO reported that PlayTime, led by CEO Elvis Chan, is a backdoor listing candidate via PhilWeb Corp.
The previous day, PhilWeb owner Gregorio Ma. Araneta III agreed to sell the company to two corporate entities with no gaming industry background for P1.8 billion.
“We wish to formally clarify that PlayTime has no current plans to go public or pursue any form of IPO or backdoor listing,” PlayTime said.
“At this stage, the company remains focused on its core objectives of sustainable growth, product innovation, and community development within the online gaming ecosystem,” it added.
Future partnership with PhilWeb?
Chan, who became CEO of PlayTime last March, said a LinkedIn post on Friday that while listing is not a priority, he revealed some of PhilWeb’s new investors were personal friends and he was open to offering support.
“From what I understand, the new owners are a consortium. I sincerely hope the new owner will lead PhilWeb into a new era,” said Chan.
“As for myself, given my friendship with some of them, I may only offer strategic advice from time to time,” he added.
Chan, who is also the CEO of NUSTAR Online, also praised Eusebio Tanco-chaired DigiPlus Interactive and acknowledged its dominant position in domestic gaming.
"I believe DigiPlus will remain the industry leader in the Philippine market for the foreseeable future," he said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
