In December, members of PhilWeb’s board stepped down and were succeeded by nominees of the buyers.
The Philippines.- gaming technology provider PhilWeb Corp has announced a change in ownership following an internal buyout. In a filing with the Philippine Stock Exchange on Tuesday, March 3, the company disclosed that Crisanto Roy Alcid, through Nexora Holdings Inc, is now the beneficial owner following the transfer of a second tranche of shares on February 25.
The deal was first announced in October, when PhilWeb revealed that Gregorio Araneta Inc, its previous owner, agreed to sell all its shares in the company for PHP1.80bn (US$30.9m), equivalent to 829.57 million common shares at PHP2.17 each.
The first tranche involved the transfer of just over 488.16 million shares, accounting for around 34 per cent of the company’s outstanding stock, to Nexora. The second tranche comprised around 341.41 million shares, or nearly 23.8 per cent of PhilWeb’s outstanding stock, which were allocated to Nexora and Velora.
Ahead of the deal’s completion, several leadership changes were implemented as part of the transition process. In December, members of PhilWeb’s board stepped down and were succeeded by nominees of the buyers. Crisanto Roy Alcid assumed the role of chairman of PhilWeb Corp, having previously served as vice chairman and director. Edgar Brian Ng, who serves as president and director of PhilWeb Corp as well as president, chairman and director of Nexora, retained his roles.
As part of the transaction, the acquiring parties initiated a mandatory tender offer to the remaining PhilWeb shareholders. The offer closed in mid-February with no shares tendered.
In December, members of PhilWeb’s board stepped down and were succeeded by nominees of the buyers. The Philippines.- gaming technology provider PhilWeb Corp has announced a change in ownership following an internal buyout. In a filing with the Philippine Stock Exchange on Tuesday, March 3, the company disclosed that Crisanto Roy Alcid, through Nexora Holdings…
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