PhilWeb shares rise on license renewal rumors

Share prices of PhilWeb Corp. surged 30.78 percent yesterday on speculations it would soon get a new license from the Philippine Amusement and Gaming Corp. (Pagcor).

Sought for comment, PhilWeb president Dennis Valdes said the company was still waiting for a new license from the gaming regulator. Its license expired on Aug. 10.

He said the company would make the appropriate disclosure if and when it receives its license from Pagcor.

“Web is (still) not operating,” Valdes said.

PhilWeb opened at P11.06 per share and reached a high of P14.90 prior to closing at P14.36, up 3.38 points from its previous close of P10.98 apiece.

The company was previously owned by businessman and former trade minister Roberto Ongpin who was singled out by President Duterte as an oligarch who must be destroyed. Its license expired on Aug. 10 and is still waiting to be renewed.

During that time, PhilWeb shares plunged to as low as P5.13 each or about 43 percent.

Ongpin decided to sell to businessman Gregorio Ma. Araneta III his 53.76 percent stake in PhilWeb, consisting of 771. 65 million shares at P2.60 per share or a total of P2.01 billion.

Araneta, chairman and chief executive officer of Araneta Properties and son-in-law of the late dictator Ferdinand Marcos, was elected chairman of PhilWeb after Ongpin resigned in August.

Market sources said PhilWeb has a good chance of getting its license renewed with Araneta at the helm especially after the Duterte administration allowed the Marcos family’s decades-long wish to have the remains of the Marcos buried in the national heroes’ cemetery.

Both Araneta and Ongpin earlier asked the Securities and Exchange Commission to allow the special block sale of Ongpin’s shares in the company to Araneta ahead of a mandatory tender offer to minority shareholders.