PhilWeb shares rise after SEC approves Ongpin sale to Araneta
MANILA – PhilWeb shares jumped on Monday after the Securities and Exchange Commission approved the first tranche of the share sale to its new chairman, Gregorio “Greggy” Araneta III.
PhilWeb shares rose 7.31 percent to P10.72. The company informed the stock exchange of the regulator’s approval late Friday.
The first tranche involves 653,151,896 shares previously owned by former PhilWeb chairman Roberto Ongpin, who divested from the company last year after President Rodrigo Duterte singled him out in a speech against oligarchs.
Araneta agreed to buy 771,651,896 PhilWeb shares for P2.60 per share and has applied for a new license to supply software to gaming cafes.
The Philippine Amusement and Gaming Corp. refused to renew PhilWeb’s license under Ongpin. |
