Philippines-listed gaming technology provider PhilWeb Corp has announced that Edgar Brian Ng will continue to serve as president and director of the company and its subsidiaries, according to a filing this week.
In early September, the firm said Mr Ng would be resigning on September 30 as president and as a member of the board of PhilWeb. At the time, the company appointed gaming industry veteran Antonio Hernandez as officer-in-charge and president, with effect from October 1 this year.
In this week’s filing to the Philippine Stock Exchange, PhilWeb said its board had “deliberated on the matter” of the group’s leadership.
“Following such consideration, it was determined that Mr Edgar Brian K. Ng shall continue to serve as president and director of PhilWeb and its subsidiaries,” stated the document.
It added: “In view thereof, the board resolved to recall the appointment of Mr Antonio Hernandez as officer-in-charge and, in lieu thereof, to confirm the continuation of Mr Edgar Brian K. Ng as president and director of PhilWeb and its subsidiaries, with immediate effect.”
PhilWeb is currently addressing concerns over the negative level of it stockholders’ equity for the year ended December 31, 2024, and the first quarter of 2025.
The company reported negative stockholder equity of PHP69.39 million (US$1.2 million) as of March 31, said to be due to the “significant cost” of treasury shares and shares held by subsidiaries in the aggregate amount of PHP3.12 billion.
“This amount has offset the group’s retained earnings of PHP135.0 million, capital stock of PHP1.68 billion, and additional paid-in capital of PHP1.25 billion,” said the firm.
PhilWeb said it would continue to “enhance its revenue-generating capacity” through the expansion of its electronic gaming system network and the launch of new gaming content.
From December 2024 to May this year, the number of sites serviced by PhilWeb increased from 94 to 105, the group added.
Up to the end of 2027, PhilWeb said it plans to issue some 923.57 million unissued shares, comprising circa 332.84 million common shares and 590.73 million preferred shares.
PhilWeb reported a net loss of nearly PHP16.3 million for the three months to June 30, on revenues that fell by 13.9-percent year-on-year, to PHP179.8 million.
