Ongpin unloads PhilWeb shares to save the business

Business man Roberto Ongpin has announced his plans to sell all his shares in PhilWeb Corporation, hoping the move will salvage the business – which lost its license this week, local media reports.

Earlier this week, Pagcor chief, Andrea Domingo announced that PhilWeb’s license would not be renewed, plunging shares in the company to a 52-week low. PhilWeb president Dennis Valdes said that operations would begin “winding down”.

In an emergency meeting of Philweb shareholders on Wednesday, Ongpin announced he would sell his 771.7 million shares equivalent to 53.76 percent to the highest bidder.

“I am doing this auction so that I will be totally out of the picture and the innocent bystanders, such as the shareholders, the employees of Philweb Corp., the e-Games operators, their collective employees which number some 5,000 people, may be able to save their jobs,” Ongpin said.

The open auction will close by Wednesday next week.

“I need to be out of the way, that’s clear,” Ongpin said. “I just want to step out of the way and hopefully, things will normalize.”

Last week, the tycoon stepped down as chairman of PhilWeb, but the move was not enough to take the heat off the technology company.

“The lightning bolt was obviously meant for me and not for the other shareholders of Philweb numbering about 1,500, the employees of Philweb numbering 679 people nor the 135 entities who operate 286 e-Games outlets throughout the country who employ an estimated 5,000 people,” Ongpin said. “They are all innocent bystanders who, beginning midnight tonight, will be all out of job.”