Philippines-listed gaming parlour operator PhilWeb Corp has issued a statement saying that the company has had no negotiations with online entertainment gaming platform PlayTime regarding the possibility of a backdoor listing for the PlayTime brand.
“PhilWeb Corp, through its representatives, management, or members of its board of directors, has had no interactions, communications, or engagements of any nature with any individual or entity representing the PlayTime Group, whether in relation to business, gaming operations, or any other matter,” stated PhilWeb in a Tuesday announcement to the Philippine Stock Exchange.
“Furthermore, as of the date of this letter, the company is not aware of nor involved in any discussions, negotiations, or transactions related to the purported backdoor listing by PlayTime through PhilWeb,” it added.
“There are also no reportable or disclosable corporate events or activities at this time, apart from the forthcoming financial reports for the fiscal year 2024,” stated PhilWeb.
PhilWeb’s comment was a clarification of a report in the news outlet Bilyonaryo.com, which flagged the possibility of a deal between the company and PlayTime.
Launched in January 2024, PlayTime is a platform licensed by the Philippine Amusement and Gaming Corp (Pagcor), the country’s gaming regulator.
The PlayTime brand claims to have more than 20 million subscribers, and about two million active users.
In a separate filing, PhilWeb said it received an enquiry from the nation’s stock exchange regarding the “unusual price movement” on Monday in the trading of its shares.
The company said the price fluctuation “may possibly correlate to market reactions” following the publication of the article by Bilyonaryo.com.
“Should there be any material developments requiring disclosure, the company will promptly inform the exchange in accordance with applicable regulations,” said PhilWeb.
