Araneta Sells PhilWeb Holdings to Local Firms Nexora and Velora

PhilWeb Corp announced that its majority shareholder, Gregorio “Greggy” Araneta Inc, has entered into an agreement to sell its entire stake in the company for PHP1.80 billion (US$31 million). The deal covers 829.57 million common shares priced at PHP2.17 each.

Good to Know

• The buyers are Nexora Holdings Inc and Velora Holdings Inc, both Philippine-based holding firms.
• The acquisition triggers a mandatory tender offer as it involves more than 35% of PhilWeb’s voting shares.
• Trading of PhilWeb shares on the Philippine Stock Exchange was suspended on Thursday morning.

The disclosure identified Nexora and Velora as domestic holding companies not engaged in securities brokering. Under local law, both firms must extend a tender offer to remaining shareholders since the transaction grants them control over the listed gaming technology provider.

Gregorio Araneta Inc, controlled by businessman Gregorio Araneta III, will now fully exit PhilWeb. Araneta, brother-in-law to Philippine President Ferdinand Marcos Jr, acquired the company in 2016 following its regulatory challenges under the Philippine Amusement and Gaming Corporation (PAGCOR).

Leadership Links and Board Changes

According to the filing, PhilWeb president and director Edgar Brian Ng also holds senior roles at Nexora as president, chairman, and director. The company had previously announced Ng’s planned resignation on September 30, which was later reversed at the end of the month.

PhilWeb vice chairman Crisanto Roy Alcid is also listed as a director and treasurer of Nexora, indicating continuity between the outgoing and incoming leadership structures. As part of the transaction, some of PhilWeb’s current directors will resign and be replaced by representatives from the new ownership group, pending regulatory approval and compliance with corporate governance requirements.

Trading Suspension

Following the announcement, the Philippine Stock Exchange temporarily halted trading in PhilWeb shares to allow the market to absorb details of the ownership change. The suspension is a standard procedure in transactions involving shifts in controlling interest.

Once Nexora and Velora complete the acquisition process and fulfill the tender offer obligations, the new shareholders are expected to begin implementing their strategic direction for PhilWeb. The gaming technology provider has continued to play a key role in the country’s e-gaming sector through its licensed eGames cafés and digital gaming platforms.

The sale represents one of the most notable ownership transitions in the Philippines’ gaming technology space since 2016 and closes Gregorio Araneta’s eight-year involvement with PhilWeb.

The post Araneta Sells PhilWeb Holdings to Local Firms Nexora and Velora appeared first on iGaming.org.