Gokongwei was appointed chair effective Aug. 27, replacing Crisanto Roy Alcid, who relinquished his roles as chair and CEO but will remain a director.
Bigger role, new direction
The appointment comes as PhilWeb shifts toward a partnership-driven model, providing technology and services to licensed online gaming operators as it builds a larger digital gaming business.
A separate disclosure on Friday showed Gokongwei acquired 159.53 million PhilWeb shares at P8 apiece on Aug. 27 under a previously signed share purchase agreement.
The acquisition forms part of the earlier-announced deal to invest about P2 billion in PhilWeb.
PhilWeb has since expanded its business with major casino operators including Hann Casino Resort, Okada Manila and Newport World Resorts, while also striking agreements with PT Gaming, FBM Philippines and NUSTAR Online.
The new strategy is starting to show in the numbers, with PhilWeb swinging to a P61-million profit in the first half from a P41.8-million loss a year earlier as revenue jumped 63.3 percent to P585.4 million.
—Edited by Miguel R. Camus
