Ongpin taps KPMG for Philweb share sale
BUSINESSMAN Roberto V. Ongpin has tapped RG Manabat & Co., the local arm of global professional services firm KPMG, as investment advisor for the sale of his 53.76 percent stake in gaming technology provider Philweb Corp.
“Among the considerations which I took into account in appointing KPMG is that they are the auditors of PhilWeb and can readily provide information to potential buyers of my stake,” Ongpin said in a Sept. 21 letter addressed to Philweb president Dennis Valdes and new Philweb chair Gregorio Ma. Araneta III.
The fees payable to KPMG for this transaction will be charged to his personal account, Ongpin said in the letter, which was disclosed by Philweb to the Philippine Stock Exchange on Wednesday.
Ongpin brought back to the auction block his controlling stake in gaming technology provider Philweb Corp. after a series of rejections by the state-owned Philippine Amusement & Gaming Corp. (Pagcor) of various proposals to preserve the e-Games network.
After having resigned as chair of PhilWeb and after having made several offers to Pagcor – all of which had been either rejected or ignored – Ongpin said it became obvious to him that while he remained a shareholder of PhilWeb, there’s no chance that PhilWeb would be allowed any favorable reception on any proposal to Pagcor.
The network of 286 e-games cafes ran by Philweb provided livelihood to some 6,000 individuals and their families across the country. These were internet cafes exclusively dedicated to casino games including baccarat, blackjack, various slot machine games, video poker and others, most of which operated on a 24/7 basis. Philweb’s service agreement with Pagcor lapsed on Aug. 10 and was not renewed.