PhilWeb denies backdoor listing plans with PlayTime Group
PhilWeb has denied a media report suggesting a possible deal with PlayTime.
The Philippines.- PhilWeb Corporation has issued a statement denying a report from news outlet Bilyonaryo.com that suggested the online gaming platform PlayTime was pursuing a backdoor listing through the company. PhilWeb denied that its representatives, management or board members had any interactions, communications or engagements with PlayTime relating to any matter.
PhilWeb responded yesterday (March 25) after its share price on the Philippine Stock Exchange (PSE) fell nearly 30 per cent, from PHP3.29 (US$0.057) to PHP2.31 (US$0.04) in one day. The company said the drop was due to market reactions to the article published on March 21.
PhilWeb operates 86 PAGCOR licenced video game cafes, 32 BigGame locations and 22 E-Bingo locations nationwide. It gained a remote gambling licences in 2021. The company said it would inform the exchange if there are any material developments requiring disclosure.
