PSE lifts PhilWeb shares suspension

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The Philippine Stock Exchange (PSE) has ordered that the trading halt on the shares of PhilWeb Corp. be lifted after details of the gaming technology provider’s plans have been disclosed to the public late Wednesday.

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“After a careful consideration of the information disclosed by the company, please be advised that the suspension on the trading of WEB shares will be lifted at 10:30 a.m. today, August 11, 2016,” the PSE said in a notice posted on its website.

A 10-minute reservation period was implemented prior to the resumption of trading at 10:30 a.m.

On Wednesday, PhilWeb requested that its shares be suspended from trading to give the public ample time to digest the information on the company’s plans.

The company is crawling its way out of closure after its license as to operate e-Games outlets expired on Wednesday as the Philippine Amusement and Gaming Corp. (Pagcor) did not review its agreement.

Majority shareholder and former chairman Roberto Ongpin has put his stake—equivalent to 53.76 percent PhilWeb’s outstanding shares—on auction from August 10 to 17.

Ongpin was trying to disassociate himself from the company as a last-minute attempt to save the company and secure a new license from Pagcor.

At the close of trading Thursday, PhilWeb shares closed at P6.37 apiece, up P2.12 or 49.88 percent from P4.25 on Tuesday.

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