GAMING technology service provider Philweb Corp. has named Gregorio “Greggy” Ma. Araneta III, son-in-law of the late strongman Ferdinand Marcos and a board member in the last two years, as its new chair.
Araneta was elected to take the place of businessman Roberto Ongpin who had resigned as chair last month after finding himself “struck by lightning,” having been named by Pres. Rodrigo Duterte as an “oligarch” whom he would bring down.
In a disclosure to the Philippine Stock Exchange on Monday, Philweb said Araneta was the second largest shareholder of the company and has been a director for a number of years.
“In addition to his investment in the company, Mr. Araneta has various other business interests
in property development and energy,” the disclosure said.
Araneta has been an independent director of Philweb since May 2014. He has around 13 million common shares of Philweb under his name equivalent to a 0.91 percent stake, making him one of the largest individual shareholders in the company./rga