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Last chance saloon for PhilWeb as Ongpin offers shares to PAGCOR

18th August 2016 7:08 am GMT

PhilWeb’s former chairman Roberto Ongpin has offered to donate nearly all of his majority stake in the company to state-controlled gaming regulator and operator PAGCOR, in one final effort to save the business and its employees.

Last week, Ongpin announced the he would sell his majority 53.76 per cent stake in PhilWeb, amounting to 771.7m shares, in an open auction to the highest bidder.

The sale was contingent on PhilWeb being able to renew its licence from [...]

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