Gregorio Araneta to exit PhilWeb for P1.8B

MANILA, Philippines – Trading of PhilWeb Corp.’s shares were suspended for one hour on Thursday following news of a possible change in control, with Gregorio Araneta Inc. (GAINC) selling its 57-percent stake for P1.8 billion.

In a notice, the Philippine Stock Exchange said the trading suspension would be from 9:30 a.m. to 10:30 a.m.

READ: BIZ BUZZ: Marcos connection

The gaming technology operator announced GAINC’s exit and the sale of its entire stake to Nexora Holdings Inc. and Velora Holdings Inc.

Both are domestic holding companies that are not engaged in securities brokering, PhilWeb said in its disclosure on Thursday.

Since the acquisition involved more than 35 percent of PhilWeb’s outstanding voting shares, the buying companies are required to conduct a tender offer to all remaining shareholders.