PSE approves Ongpin share sale

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.