PhilWeb Corporation, a prominent eGames service provider listed in the Philippines, has officially dismissed rumors that it is considering a backdoor listing for the online gaming platform PlayTime. This response comes after speculation led to significant market reactions affecting PhilWeb’s stock value.

Clarification amidst stock fluctuations:

In a recent disclosure to the Philippine Stock Exchange (PSE), PhilWeb addressed concerns arising from an article published by Bilyonaryo on March 21st, which suggested potential negotiations with PlayTime. The company emphasized its lack of any communications or interactions with PlayTime, stating clearly, “PhilWeb Corp, through its representatives, management, or members of its board of directors, has had no interactions, communications, or engagements of any nature with any individual or entity representing the PlayTime Group, whether in relation to business, gaming operations, or any other matter.”

This clarification was part of a broader response to an inquiry from the PSE regarding unusual trading activity. PhilWeb’s stock experienced a nearly 30 percent drop on March 25th, plummeting from PHP3.29 ($0.057) to PHP2.31 ($0.04) per share. The company attributed this sharp decline to market reactions to the speculative report.

Further affirming its position, PhilWeb reiterated that there have been no discussions or negotiations regarding any backdoor listing involving PlayTime. “Furthermore, as of the date of this letter, the company is not aware of nor involved in any discussions, negotiations, or transactions related to the purported backdoor listing by PlayTime through PhilWeb,” the company added in its statement, published on its website.

The company also reassured stakeholders and the market that aside from its upcoming 2024 financial report, there are no other reportable or disclosable corporate events or activities at this time. This statement aims to stabilize market perceptions and maintain transparency with investors and regulators.

PlayTime’s market presence:

Despite the rumors, PlayTime continues to operate independently, having launched in January 2024 under a license from the Philippine Amusement and Gaming Corp (PAGCOR). The platform boasts over 20 million subscribers and approximately 2 million active users, positioning itself as one of the fastest-growing online entertainment platforms in the Philippines.

In concluding its announcements, PhilWeb assured the public and its investors that should any material developments requiring disclosure arise, the company will promptly inform the exchange in accordance with applicable regulations. This commitment to transparency reflects PhilWeb’s adherence to corporate governance standards amidst speculative market challenges.

The company remains focused on its current operations and forthcoming financial disclosures, aiming to dispel any uncertainties brought about by unfounded rumors.