Philippine eGames provider PhilWeb Corporation has confirmed that control of the company has now been transferred to Nexora Holdings Inc. and Velora Holdings Inc – companies linked to existing executives – with Crisanto Roy B. Alcid named as the beneficial owner of PhilWeb.
As per a previously announced Share Purchase Agreement, Nexora and Velora now hold a combined 57% interest in PhilWeb that was previously owned by Gregorio “Greggy” Araneta III – a member of the powerful Araneta family and the brother-in-law of Philippines President Ferdinand Marcos Jr.
The total consideration for the transaction was Php1.8 billion (US$30.8 million), representing 829,574,354 common shares. Completion of the share transfer was completed on 25 February, PhilWeb added.
It is expected that, because the transaction involves control of more than 35% of the outstanding voting shares of PhilWeb, the buyers will be required to conduct a mandatory tender offer to remaining shareholders to acquire full control of the company. as per local laws.
The buyers are closely linked to the company, with current PhilWeb President & Director Edgar Brian K. Ng also serving as President, Chairman & a Director of Nexora, while current PhilWeb Vice Chairman and Director Crisanto Roy B. Alcid is a Director and the Treasurer of Nexora.
Nexora and Velora are described as “domestic holding companies duly organized and existing under Philippine law, established to acquire, hold, own, dispose of, exchange, or otherwise invest in securities, properties, and related assets, with full rights of ownership, including voting rights.”
PhilWeb has been active lately, developing and launching an online gaming platform for Hann Casino Resort in Clark and revealing it will also provide technology services, systems integration and regulatory-compliant support for a new online platform supporting FBM’s network of gaming machines and venues.
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