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​Philweb to sell 53.76% stake after license renewal refused

( August 11, 2016, 04:57 GMT | Insight) -- Roberto V. Ongpin, the former chair and majority stockholder of gaming technology service provider Philweb Corp, is auctioning his entire 53.76 percent in the company, once valued at about 35 billion pesos ($750 million), the Philippine Daily Inquirer reports. Roberto V. Ongpin, the former chair and majority stockholder of gaming technology service provider Philweb Corp, is auctioning his entire 53.76 percent in the company, once valued at about 35 billion pesos ($750 million), the Philippine Daily Inquirer reports. The move follows a Philippine Amusement & Gaming Corp decision not to renew Philweb’s license, which expired on August 10, causing the company’s market capitalization to drop to 6.1 billion pesos ($130 million). Ongpin said the move was a desperate attempt to save the company, attributing the gaming regulator’s decision to recent pronouncements by the Philippine president that targeted him as an oligarch who must be “destroyed.” ...

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