Ongpin to sell Philweb stake

BUSINESSMAN Roberto V. Ongpin has put on the auction block his controlling stake in gaming technology service provider Philweb Corp., hoping this would take the heat off the company.

In an emergency meeting of Philweb shareholders on Wednesday, Ongpin announced that he would sell his 771.7 million shares equivalent to 53.76 percent to the highest bidder. This plan to divest was announced a week after Pres. Duterte pointed to Ongpin as an “oligarch” who must be destroyed.

“I am doing this auction so that I will be totally out of the picture and the innocent bystanders, such as the shareholders, the employees of Philweb Corp., the e-Games operators, their collective employees which number some 5,000 people, may be able to save their jobs,” Ongpin said.

The open auction will close by August 17 (Wednesday) next week.

“I need to be out of the way, that’s clear,” Ongpin said. “I just want to step out of the way and hopefully, things will normalize.”

Ongpin also agreed to give the winning bidder a way out if the bidder is unable to obtain a renewal from Philippine Amusement & Gaming Corp.of the license to service a nationwide network of e-Games cafes on or before Aug. 31.