Ongpin hires KPMG for share sale, new chairman appointed

Businessman Roberto Ongpin has reportedly hired RG Manabat & Co., the local arm of global professional services firm KPMG, as the investment advisor for the sale of his 53.76 percent share in Philweb Corp, local media reports.

“Among the considerations which I took into account in appointing KPMG is that they are the auditors of PhilWeb and can readily provide information to potential buyers of my stake,” Ongpin said in a Sept. 21 letter addressed to Philweb president Dennis Valdes and new Philweb chair Gregorio Ma. Araneta III.

Gregorio Ma. Araneta III was announced as the new chairman on Monday, described as the second largest shareholder of the company and a director of the company for a number of years.

In August, the Philippine Amusement and Gaming Corp. (Pagcor) announced it would not be renewing its contract with PhilWeb Corp. to operate its online casinos, and a subsequent “winding down” of operations started on August 10, 2016.

Ongpin put his shares on offer after state-owned Philippine Amusement & Gaming Corp. (Pagcor) rejected his attempts to preserve Philweb’s e-Games network.