Gregorio Araneta sells controlling stake in PhilWeb

Management-linked buyers Nexora and Velora Holdings have acquired control of the gaming technology firm.

The Philippines.- Gregorio Araneta Inc. (GAINC) has sold its 57-per cent stake in the gaming technology company PhilWeb Corp for PHP1.8bn (US$31m). The controlling shares were acquired by Nexora Holdings and Velora Holdings under a share purchase agreement signed this week.

The transaction triggers a mandatory tender offer to remaining shareholders, as required by Philippine securities regulations for acquisitions involving more than 35 per cent of a listed firm’s voting shares.

Both Nexora and Velora are domestic holding companies not engaged in securities brokering. Nexora has close ties to PhilWeb’s current leadership: Edgar Brian Ng, PhilWeb’s president and chairman, also serves as Nexora’s president and chairman, while Crisanto Roy Alcid, PhilWeb’s vice chairman, is Nexora’s director and treasurer. Velora has no disclosed affiliation.

The move appears to represent a management-led takeover, signalling continuity in day-to-day operations but a shift in ownership structure. Following completion, PhilWeb’s foreign ownership level is expected to rise from 4.9 per cent to 40 per cent, which remains compliant with national regulations as the company does not own land or operate in a nationalised industry.

The sale marks the exit of businessman Gregorio “Greggy” Araneta III, brother-in-law of president Ferdinand Marcos Jr., who acquired PhilWeb in 2016 after buying out Roberto Ongpin amid regulatory challenges during the Duterte administration. Under Araneta’s leadership, PhilWeb regained its gaming licence and reopened its e-Games network, but in recent years has struggled to compete with players like DigiPlus Interactive.

In 2024, PhilWeb reported a net loss of PHP599m (US$10.3 m), up from a PHP7.8m (US$134,000) loss the previous year, as revenues fell due to site closures and competition from PIGO operators and integrated resorts.

Trading of PhilWeb shares was temporarily halted on the Philippine Stock Exchange on Thursday morning following the announcement, resuming an hour later. The transaction’s completion remains subject to standard closing conditions and regulatory approval.

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Management-linked buyers Nexora and Velora Holdings have acquired control of the gaming technology firm. The Philippines.- Gregorio Araneta Inc. (GAINC) has sold its 57-per cent stake in the gaming technology…