The transaction triggers a mandatory tender offer<\/strong> to remaining shareholders, as required by Philippine securities regulations for acquisitions involving more than 35 per cent of a listed firm\u2019s voting shares.<\/p>\n\n\n\n Both Nexora and Velora are domestic holding companies not engaged in securities brokering. Nexora has close ties to PhilWeb\u2019s current leadership: Edgar Brian Ng<\/strong>, PhilWeb\u2019s president and chairman, also serves as Nexora\u2019s president and chairman, while Crisanto Roy Alcid<\/strong>, PhilWeb\u2019s vice chairman, is Nexora\u2019s director and treasurer. Velora has no disclosed affiliation.<\/p>\n\n\n\n The move appears to represent a management-led takeover<\/strong>, signalling continuity in day-to-day operations but a shift in ownership structure. Following completion, PhilWeb\u2019s foreign ownership level is expected to rise from 4.9 per cent to 40 per cent, which remains compliant with national regulations as the company does not own land or operate in a nationalised industry.<\/p>\n\n\n\n The sale marks the exit of businessman Gregorio \u201cGreggy\u201d Araneta III<\/strong>, brother-in-law of president Ferdinand Marcos Jr., who acquired PhilWeb in 2016 after buying out Roberto Ongpin amid regulatory challenges during the Duterte administration. Under Araneta\u2019s leadership, PhilWeb regained its gaming licence and reopened its e-Games network, but in recent years has struggled to compete with players like DigiPlus Interactive.<\/p>\n\n\n\n In 2024, PhilWeb reported a net loss of PHP599m (US$10.3 m)<\/strong>, up from a PHP7.8m (US$134,000) loss the previous year, as revenues fell due to site closures and competition from PIGO operators and integrated resorts.<\/p>\n\n\n\n Trading of PhilWeb shares was temporarily halted<\/strong> on the Philippine Stock Exchange on Thursday morning following the announcement, resuming an hour later. The transaction\u2019s completion remains subject to standard closing conditions and regulatory approval.<\/p>\n\n\n![\"\"](\"https:\/\/focusgn.com\/asia-pacific\/wp-content\/uploads\/sites\/5\/2020\/11\/tak-chuns-ceo-joins-the-board-of-macau-legend-300x200.jpg\")
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