Philstar
PhilWeb halted after Greggy sells ownership stake to Edgar Brian Ng
Gregorio Araneta III, President Ferdinand Marcos Jr.'s brother-in-law, has divested his 57% stake in the gaming firm PhilWeb Corporation for P1.8 billion.
The shares owned by Araneta's company, Gregorio Araneta Incorporated (GAINC), were sold to Nexora Holdings Incorporated and Velora Holdings Incorporated.
The transaction involved 829.6 million common shares sold at P2.17 per share.
Key buyers Edgar Brian Ng and Crisanto Alcid are existing officers of PhilWeb, with Ng being the current president and Alcid the vice chairman.
The sale is expected to significantly increase PhilWeb's foreign ownership from 4.90% to 40% and will trigger a mandatory tender offer to all remaining shareholders.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
