Oct 06, 2016 Newsdesk Latest News, Philippines, Top of the deck  
Philippines-based PhilWeb Corp says it is to “reapply” for its licence to operate a network of e-Games parlours in that country, following the exit of its former controlling shareholder Roberto Ongpin from the business.
The country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor), had announced on August 8 that it would not be renewing PhilWeb’s right to run a network of domestic gaming parlours offering Internet-delivered games. On July 11, PhilWeb had had its licence extended for a period of one month, until August 10.
As of August there were 286 Pagcor-licensed e-Games outlets managed by PhilWeb, according to company data.
PhilWeb had come under the regulatory spotlight since the Philippines’ President Rodrigo Duterte made a number of anti-oligarch and anti-online gambling remarks after assuming office on June 30.
In early August, Mr Duterte had singled out Mr Ongpin, a former trade minister, as one of the country’s “monster” oligarchs. He accused Mr Ongpin of currying favour with previous presidents and using his influence to boost his businesses.
In a filing to the Philippine Stock Exchange on Wednesday, PhilWeb said that Mr Ongpin was selling his 771,651,896 shares in PhilWeb – equivalent to a 53.76 percent holding and held via a group of companies – to Gregorio Araneta Inc for PHP2.60 (US$0.0539) per share. According to media reports, Gregorio Araneta Inc is involved in real estate and, more recently, has announced investments in the renewable energy sector.
“After the divestment by the Ongpin group of companies of its stake in PhilWeb is concluded today and after his resignation from PhilWeb in early August, Ongpin will have no further involvement with PhilWeb,” said Wednesday’s filing.
It added: “Mr Gregorio Ma. Araneta III [chief executive of Gregorio Araneta Inc] has been elected as chairman, and Mr Dennis O. Valdes will remain as president. With the divestment of Mr Ongpin, the new management of PhilWeb will now reapply for the continuation of its licence with Pagcor for its nationwide network of e-Games cafes.”
The filing said the transfer of the controlling shares would be in two tranches: the bulk via a block sale; with the balance of 118,500,000 shares transferred following a planned listing of them on the Philippine Stock Exchange.
Jun 08, 2023
Jun 06, 2023
Jun 09, 2023
Jun 09, 2023
Jun 09, 2023
None of Macau’s six gaming concessionaires have so far applied for a form of “exemption” from the full 40-percent tax rate on casino gross gaming revenue (GGR), as potentially applicable...Jun 09, 2023
Commercial opportunities for utilisation of...Jun 08, 2023
Gaming content and equipment maker Konami says it is...Jun 07, 2023
Casino gaming content and hardware provider Light &...Jun 06, 2023
Electronic table games (ETGs) supplier Interblock dd is...Jun 05, 2023
Random number generator (RNG) testing tools are among the...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders”
Marco Sala
Executive chair of casino equipment supplier IGT