Gregorio Araneta III, brother-in-law of President Ferdinand Marcos Jr., has announced the sale of his majority 57% stake in PhilWeb Corporation for ₱1.8 billion. The deal involves the transfer of 829.57 million common shares at ₱2.17 each to Nexora Holdings Inc. and Velora Holdings Inc., two domestic holding companies. This significant transaction marks Araneta’s exit from the gaming technology firm he acquired in 2016 from tycoon Roberto Ongpin.
The announcement was made on October 8, 2025, with PhilWeb disclosing the transaction to the Philippine Stock Exchange (PSE). Following the news, a one-hour trading halt was imposed to allow investors to digest the details. When trading resumed, PhilWeb’s stock price fell by 20.24%, closing at ₱4.06 per share, down from the previous close of ₱5.09.
Changes in PhilWeb’s Ownership Structure and Corporate Governance
As part of the acquisition, the buyers—Nexora and Velora—will be required to conduct a mandatory tender offer, as per Philippine law. This is because they have acquired more than 35% of PhilWeb’s outstanding voting shares. The tender offer gives all remaining shareholders the opportunity to sell their shares to the new controlling parties at the same price of ₱2.17 per share.
As reported by Manila Bulletin, Nexora Holdings is led by PhilWeb’s current president, Edgar Brian K. Ng, who also holds leadership positions at Nexora. Crisanto Roy B. Alcid, PhilWeb’s vice chairman, also has roles at Nexora. The close ties between PhilWeb’s leadership and the buyers suggest a smooth transition in corporate governance. However, as part of the deal, several of PhilWeb’s incumbent directors will step down, and new representatives from the buyers will join the board, subject to the qualifications required by law.
PhilWeb acknowledged that the acquisition could affect its public float and increase the company’s foreign ownership, potentially rising from 4.90% to 40%. However, the company clarified that this increase would not violate foreign ownership limits since it does not own land and is not involved in any nationalized activities.
The Impact of Araneta’s Exit
Gregorio Araneta’s exit from PhilWeb comes after nearly a decade of ownership, during which he acquired the company from Roberto Ongpin following regulatory challenges during the Duterte administration. Araneta’s sale price is significantly lower than the original ₱2.60 per share he paid in 2016, reflecting the struggles PhilWeb faced during that period.
While Araneta’s departure opens the door for potential changes in the company’s direction, PhilWeb’s stakeholders will be closely monitoring the impact of the mandatory tender offer and the shifts in leadership. Some analysts speculate that this deal could lead to a backdoor listing for one of the buying companies, although this has not been confirmed. The future of PhilWeb under the new control could lead to a shift in its strategy within the competitive gaming sector.
PhilWeb, currently licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) to operate e-games stations, has maintained its position as a leader in the online gaming technology space in the Philippines. With the new owners in place, the company is likely to undergo adjustments in its operations to align with their business strategies, potentially leading to changes in the services it provides or its market focus.
