Philippines-listed gaming technology provider PhilWeb Corp confirmed on Tuesday that it has new owners, following a management-buyout exercise.
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,” stated PhilWeb in a filing to the Philippine Stock Exchange.
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.
In the first, just above 488.16 million shares, representing circa 34 percent of PhilWeb’s outstanding stock, were transferred to Nexora.
The second tranche, comprising about 341.41 million shares and representing nearly 23.8 percent of PhilWeb’s outstanding stock, were transferred to Nexora and Velora.
Edgar Brian Ng, who serves as president and director of PhilWeb and its subsidiaries, 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. It coincided with the exit of businessman Gregorio Araneta III, who had acquired PhilWeb in 2016.
Mr Alcid is also a director and the treasurer at Nexora, as per previous corporate information.
Other PhilWeb’s directors stepped down in December and were replaced by representatives of the buyers.
The suitors also conducted a mandatory tender offer to all remaining PhilWeb’s shareholders. That exercise concluded in mid-February without any shares being tendered.
PhilWeb said last month that it had signed a “strategic service agreement” with casino slot machine and electronic bingo specialist FBM, with the aim to “support the development and deployment of FBM Philippines’ online gaming capabilities”.
That followed a deal for the “operation and management” of the online gaming platform of Hann Casino Resort, dubbed Hann Online, which launched in early February.
