PhilWeb announces board reshuffle following management-led takeover

These developments follow the completion of the stake sale by Gregorio Araneta to Crisanto Roy Alcid.

The Philippines.- The gaming technology provider PhilWeb Corp has confirmed changes to its board of directors following a management-led takeover. Edgar Ang, Mario Oreta, William Valtos Jr., and Philip Tuazon have resigned from their roles as directors and/or officers to comply with requirements linked to the closing of the acquisition contract.

In a report filed with the Philippine Stock Exchange on Friday, March 6, PhilWeb announced the appointment of Claire Tsu Chuan Tseng as a director. According to the company, Tseng brings more than a decade of experience in the online gaming sector, having worked across regulated markets in the UK, Brazil, and the Philippines.

PhilWeb also appointed three independent directors: Marie Antonette Quiogue, CEO and founder of Arden Consult; Daniel Tirona Francisco, a real estate specialist; and Anthony Ferdinand Yu.

The developments follow the completion of the PHP1.80bn (US$30.9m) stake sale by Gregorio Araneta Inc, PhilWeb’s previous owner, to Crisanto Roy Alcid via Nexora Holdings Inc. The deal, covering 829.57m shares at PHP2.17 each, was first announced in October and completed in two transactions. The second tranche of shares was transferred on February 25, confirming Alcid as the beneficial owner of PhilWeb Corp.

Alcid was appointed chairman of PhilWeb in late December, after previously serving as vice chairman and director. He replaced Gregorio Araneta III, who had owned the company since 2016. Edgar Brian Ng, the current president and director, will remain in his roles while also serving as president, chairman, and director of Nexora.

See also:

See also: Philweb announces ownership change following management buyout

These developments follow the completion of the stake sale by Gregorio Araneta to Crisanto Roy Alcid. The Philippines.- The gaming technology provider PhilWeb Corp has confirmed changes to its board of directors following a management-led takeover. Edgar Ang, Mario Oreta, William Valtos Jr., and Philip Tuazon have resigned from their roles as directors and/or officers…