Ongpin sold a total of 771.65 million shares priced at P2.60 per share, a 58 percent discount on Wednesday’s closing price of P6.22 per share.

In accordance with the sale and purchase agreement concluded today between the two entities, the transaction will be implemented in two tranches, with the first tranche of 653.15 million being completed on Wednesday through a special block sale at the Philippine Stock Exchange; and the second tranche consisting of 118.5 million shares will be completed as soon as they are registered at the PSE.

Following the divestment, Philweb said that Ongpin would have no further involvement with the company.

“With the divestment of Ongpin, the new management of PhilWeb will now reapply for the continuation of its license with PAGCOR (Philippine Amusement & Gaming Corp.) for its nationwide network of eGames cafes,” the company said.

Dennis Valdes will remain as president of Philweb.