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PhilWeb shares rally as Ongpin sells stake to fellow board member

6th October 2016 9:40 am GMT

Roberto Ongpin, the majority shareholder and chairman of technology provider PhilWeb, has agreed to sell his stake in the business to fellow board member Gregorio Araneta.

Ongpin will sell his 53.76 per cent stake in PhilWeb to Araneta at a price of PHP2.60 per share, ending his involvement with the business.

The sale has been agreed in a bid to ensure the business can renew its intellectual property and management contract with the Philippine Amusement and Gaming Corporation (PAGCOR).

PhilWeb's [...]

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