PhilWeb stake sale to move forward in two tranches

Some of PhilWeb’s current directors will resign and be replaced by representatives of the buyers

The Philippines.- The gaming technology provider PhilWeb Corp has revealed that its majority shareholder, Gregorio Araneta Inc, has entered into an amended share purchase agreement for the sale of its entire stake in the company.

The sale, first announced in October, will see Gregorio Araneta Inc divest its entire stake of 829.57m common shares to Nexora Holdings Inc and Velora Holdings Inc, two Philippines-based holding companies, for PHP1.80bn (US$30.5m), or PHP2.17 per share.

Under the terms of the latest agreement, the sale will be finalised in two separate transactions. The first tranche will see the transfer of approximately 488.16m shares, representing around 34 per cent of PhilWeb’s outstanding stock, to Nexora. The second tranche involves the transfer of approximately 341.41m shares (23.8 per cent of outstanding stock) to Nexora and Velora.

As a condition of the sale, the buyers will need to launch a mandatory tender offer to all remaining shareholders before the second tranche of shares can be transferred. Some of PhilWeb’s current directors will resign and be replaced by representatives of the buyers, pending regulatory approvals and compliance with applicable laws. Edgar Brian Ng, who is currently the president and director of PhilWeb and its subsidiaries, also serves as president, chairman and director of Nexora.

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Some of PhilWeb’s current directors will resign and be replaced by representatives of the buyers The Philippines.- The gaming technology provider PhilWeb Corp has revealed that its majority shareholder, Gregorio…