PhilWeb Announces Board Changes After Nexora Led Takeover

PhilWeb Corp confirmed leadership changes after completion of a major ownership transfer involving local investment firms Nexora Holdings Inc and Velora Holdings Inc. The Philippines listed gaming technology company updated the board following the final stage of a share purchase agreement tied to a PHP1.80 billion transaction.

PhilWeb remains a long standing technology supplier within the Philippines online gaming sector, providing systems and services connected to electronic gaming platforms and regulated online operations.

Good to Know

• Nexora Holdings Inc and Velora Holdings Inc acquired PhilWeb shares worth about PHP1.80 billion.
• Transaction involved 829.57 million common shares priced at PHP2.17 each.
• Several directors stepped down as part of obligations tied to the share purchase agreement.

Leadership adjustments followed the transfer of the second tranche of shares completed on February 25. Corporate filings confirmed Crisanto Roy Alcid, through Nexora Holdings Inc, now stands as the beneficial owner of PhilWeb Corp.

Management shifts formed part of the transition process connected to the ownership change. Edgar Ang, Mario Oreta, William Valtos Jr., and Philip Tuazon resigned from positions as directors or officers in compliance with the closing conditions of the agreement.

Board structure now includes several new appointees from different professional backgrounds. Claire Tsu Chuan Tseng joined as a director and brings more than a decade of experience in the online gaming sector across regulated jurisdictions including the United Kingdom, Brazil, and the Philippines.

Three independent directors also joined the board.

Marie Antonette Quiogue serves as founder and chief executive of Arden Consult, a legal advisory firm known within the gaming regulatory space in the Philippines. Daniel Tirona Francisco brings experience from the real estate industry, while Anthony Ferdinand Yu has built a career in sales and business development.

Corporate leadership within PhilWeb remains partly unchanged despite the ownership transfer. Edgar Brian Ng continues service as president and director of PhilWeb and its subsidiaries. He also holds positions as president, chairman, and director of Nexora Holdings Inc.

Changes at the top of PhilWeb began earlier in the transition process. Crisanto Roy Alcid moved into the role of chairman in December after previously serving as vice chairman and director.

Leadership change coincided with the exit of Gregorio Araneta III, a Philippine businessman who acquired PhilWeb in 2016 through Gregorio Araneta Inc before the recent share sale agreement.

Initial announcement of the transaction arrived in October when Gregorio Araneta Inc confirmed plans to sell its entire stake in PhilWeb. The company later clarified that the transfer would proceed through two separate transactions, with final completion following the second tranche of shares.

Ownership restructuring continues to reshape leadership within Philippine gaming technology companies as investors reposition within the sector. PhilWeb operates in a market that includes electronic gaming systems and regulated online gaming platforms overseen by Philippine authorities such as the Philippine Amusement and Gaming Corporation PAGCOR.

The post PhilWeb Announces Board Changes After Nexora Led Takeover appeared first on iGaming.org.