The Philippine Stock Exchange has finally approved the sale of the 653.1 million Philweb shares belonging to founder Roberto Ongpin to Gregorio Araneta III.
According to a filing from the company on Friday, a First Tranche sale of 653.1 shares will be sold through a special block sale at the PSE simultaneously with the commencement of the Mandatory Tender Offer (MTO).
The Second Tranche sale, with the remaining 118.5 million shares, will be purchased at a later date, which must not be “later than the conclusion of the MTO.”
Ongpin was forced to sell his shares in Philweb and step down as chairman after a row with Philippine President Rodrigo Duterte last year.
The company was denied a renewal of license, forcing the company to close its e-gaming cafes across the country.
The company will be entering a public bidding process to obtain a new license for its e-games outlets.