PhilWeb, a gaming operator based in the Philippines, is currently in the process of seeing their former chairman divest his holdings within the company while a new chairman is taking over. Roberto Ongpin is the outgoing chairman who is prepping for a share sale while Gregorio Ma Araneta III has been announced as the new chairman, having already held the director position and being the second largest shareholder of PhilWeb.
In August Ongpin formally stepped down from his position as chairman of the company in an effort to rescue PhilWeb, a company that offered online casino gaming in the Philippines with digital terminals located in internet cafes.
The troubles that PhilWeb faces first began at the end of June when the new president of the Philippines, Rodrigo Duterte, decided that online gambling must be eliminated in the country. It was soon after that the Philippine Amusement and Gaming Corp decided to announce that they would not be giving PhilWeb a renewed supplier contract.
Ongpin quickly tried to save the company by offering up 49% of his stake in the company as a donation to PAGCOR but the regulator did not accept it. The former chairman then tried to offer his shares as a donation to fund drug rehab centers but this plan also failed.
This week, Ongpin announced he has hired KPMG to handle the sale of his shares of PhilWeb which is just over 53%. Ongpin will be paying the fee for KPMG to keep PhilWeb from facing any further financial pressures.