GREGORIO Araneta, Inc. (GA, Inc.) has officially acquired listed technology services provider PhilWeb Corp. (WEB) after businessman Roberto Ongpin completed the sale of 118.5 million shares priced at P2.60 each.
In a disclosure to the Philippine Stock Exchange (PSE) on Friday, PhilWeb said the transaction marks the second and final tranche of the sale of Ongpin’s full holdings, following the first tranche of over 635 million shares last May 22, 2017.
“The two transactions selling Mr. Ongpin’s shares to GA, Inc. mark the culmination of the exit of Mr. Ongpin from the company, a process started last August 4, 2016 when he resigned as chairman, continued as he negotiated a sale of his entire shareholdings in the company to Mr. Araneta and which were concluded today with the completion of the second and final tranche of the sale,” PhilWeb said.
WEB shares now owned by GA, Inc. represent 53.75 percent of the total issued and outstanding shares of PhilWeb Corp.
“On behalf of the Board of Directors of PhilWeb, I would like to thank Mr. Ongpin for his unparalleled contributions to the company since its inception on January 18, 2000,” Gregorio Araneta, owner of GA, Inc., said.
“Over the past 17 years, WEB consistently delivered the value to all its shareholders, and it was under Mr. Ongpin’s stewardship that the company became the largest and most profitable provider of IT technology in the country,” he added.
“There is a saying that when one door closes, another one opens. We expect to rebuild PhilWeb’s revenues by renewing our efforts in gaming services and increasing our focus into other areas in gaming.”
GA, Inc. is a company that was founded in 1931 to manage the business interests of renowned lawyer Don Gregorio Araneta. Today, the company is headed by the founder’s grandson and namesake, Gregorio Araneta 3rd.
GA, Inc. is a holding company engaged in real estate, transportation, telecommunication, security and protection services, environmental protection, among others.
Among its projects is the largest solar energy farm in the country, a 132.5-megawatt facility in Cadiz, Negros Occidental, which is a joint venture with solar energy firm Soleq.