PhilWeb Corp. operates electronic gaming and betting platforms under licenses from the state-run Philippine Amusement and Gaming Corp, providing technology and services for e-Games cafés and online gaming across the country.
The deal covers 829.57 million common shares, marking a major ownership transition for the listed gaming technology firm.
The buyers include Nexora Holdings Inc., led by PhilWeb’s own president Edgar Brian K. Ng and vice chairman Crisanto Roy B. Alcid. Velora has no relationship with Philweb.
This appears to be a management-led takeover, however, PhilWeb said the deal would raise its foreign ownership level from 4.9 percent to 40 percent, suggesting other investors were in play.
The company said completion of the transaction may raise its foreign ownership level from 4.9 percent to 40 percent, though this remains compliant since PhilWeb is not engaged in a nationalized activity.
None of the buyers are engaged in securities brokering, portfolio management, or public investment solicitation, according to the disclosure.
Because the sale exceeds the 35 percent control threshold for a public company, the buyers are required under the Securities Regulation Code to launch a mandatory tender offer to remaining shareholders.
The transaction formalizes GAINC’s exit from PhilWeb and sets the stage for new ownership ahead of the tender offer period. Trading of WEB shares resumed at 10:30 a.m. following the one-hour halt. ---Miguel R. Camus
