Businessman Roberto V. Ongpin, who was tagged by President Rodrigo Duterte as an “oligarch” that he wanted to destroy, has cancelled the auction of his 53.76-percent stake in PhilWeb Corp., and instead donated the bulk of it to state-owned Philippine Amusement and Gaming Corp. (Pagcor) in an effort to save the gaming technology company from closure.
In an August 17 letter to Pagcor Chairwoman Andrea Domingo, Ongpin said he has stopped the auction of his majority stake in PhilWeb, and has decided to donate 49 percent out of his 53.76 percent shareholdings in PhilWeb to Pagcor.
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