PhilWeb reshuffles board after management takeover

PhilWeb Corp. has reorganized its board following a management-led takeover, with four directors stepping down and a new slate of appointees joining the company’s leadership.

In a Friday disclosure to the Philippine Stock Exchange, the firm said Edgar N. Ang, Mario A. Oreta, William M. Valtos Jr., and Philip S. Tuazon resigned, making way for Tsu Chuan Tseng as director and three independent directors — Marie Antonette B. Quiogue, Daniel Tirona Francisco, and Anthony Ferdinand C. Yu — under the leadership of president Edgar Brian K. Ng.

Tseng brings over a decade of experience in online gaming across regulated markets including the United Kingdom, Brazil, and the Philippines. Quiogue, founder and chief executive of Arden Consult, is a lawyer and advocate for regulated online gaming, holding degrees from Columbia Law School, De La Salle University, and the Far Eastern University Institute of Law. Francisco previously served as vice president of Oak Drive Capital, while Yu is director for sales at SYU Group Systech Corp.

The board reshuffle follows the acquisition of a 57.78 percent stake in PhilWeb by Nexora Holdings Inc., a vehicle linked to company management, together with co-investor Velora Holdings Inc., from Gregorio Araneta Inc.

A mandatory tender offer covering 449.16 million public shares, or 31.28 percent of outstanding stock, at P2.17 per share ran from 19 January to 16 February, but no shares were tendered.

PhilWeb shares recently traded around P11.22, far above the tender price after the stock surged more than 760 percent over the past year.

Meanwhile, the company is expanding its digital gaming footprint. PhilWeb recently partnered with FBM Philippines to build and operate an online gaming platform that will integrate with FBM’s electronic gaming venues, while also supporting Hann Online, the digital arm of Hann Casino Resort in Pampanga.