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Araneta named Philweb president

/ 12:15 AM September 20, 2016

GAMING technology service provider Philweb Corp. has named Gregorio “Greggy” Ma. Araneta III, son-in-law of the late strongman Ferdinand Marcos and one of the firm’s biggest individual shareholders, as its new chair.

Araneta was elected to take the place of businessman Roberto Ongpin, who resigned as chair last month after finding himself being “struck by lightning,” having been named by President Duterte as an “oligarch” who had to be destroyed.

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In a disclosure to the Philippine Stock Exchange Monday, Philweb said Araneta was the second-largest shareholder of the company and has been a director for a number of years. Araneta has been an independent director of Philweb since May 2014. He has 13.04 million common shares of Philweb under his name equivalent to a 0.91-percent stake.

“In addition to his investment in the company, Araneta has various other business interests in property development and energy,” the disclosure said.

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He is also the chair and chief executive of publicly listed property developer Araneta Properties, a position he has held since 2010.

The new Philweb chair is also chair and president of Gregorio Araneta Inc., Araza Resources Corp., HE Heacocks Resources Corp., Gregorio Araneta Management Corp., Gamma Properties Inc. and Carmel Development Inc. He also has an interest in the energy sector through Energy and Gas Holdings Inc.

Araneta attended the University of San Francisco and the Ateneo de Manila University, where he received his degree in BA Economics.

Philweb’s former chair Ongpin, who is still the single biggest stockholder, is now selling his 53.76-percent stake after a series of rejections by the state-owned Philippine Amusement and Gaming Corp. (Pagcor) of various proposals to preserve the e-Games network. Doris Dumlao-Abadilla

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TAGS: Business, economy, Gregorio “Greggy” Ma. Araneta III, News, PhilWeb Corp.
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