Philippines-listed gaming technology provider PhilWeb Corp announced on Friday changes to its board following a management-led takeover, with a new slate of appointees joining the company’s leadership.
In a filing to the Philippine Stock Exchange, the company said Edgar Ang, Mario Oreta, William Valtos Jr., and Philip Tuazon had resigned as directors and/or officers of PhilWeb, in compliance with obligations regarding closure of a share purchase agreement.
In October, PhilWeb announced that Gregorio Araneta Inc had agreed to sell its entire stake in PhilWeb for a total consideration of PHP1.80 billion (US$30.9 million currently), equivalent to 829.57 million common shares at PHP2.17 apiece. In December, PhilWeb said the sale would be completed in two separate transactions.
The buyers were identified as Philippines-based Nexora Holdings Inc and Velora Holdings Inc.
Following the transfer of a second tranche of shares on February 25, Crisanto Roy Alcid – via Nexora Holdings Inc – has been affirmed “as the beneficial owner for PhilWeb Corp,” according to a recent announcement.
In Friday’s filing, PhilWeb named Claire Tsu Chuan Tseng as a director. She is described as having more than 10 years of experience in the online gaming sector “across various regulated markets and jurisdictions, including the United Kingdom, Brazil, and the Philippines”.
The company also appointed three independent directors: Marie Antonette Quiogue, founder and chief executive of Arden Consult, a law firm; real estate professional Daniel Tirona Francisco; and veteran sales and business development professional Anthony Ferdinand Yu.
Edgar Brian Ng continues to serve as president and director of PhilWeb and its subsidiaries. He is also president, chairman, and a director of Nexora.
In late December, Mr Alcid was appointed as PhilWeb chairman. He was until then the company’s vice chairman and director. The step coincided with the exit of businessman Gregorio Araneta III, who had acquired PhilWeb in 2016.
Other PhilWeb directors had stepped down in December and were replaced by representatives of the buyers.
