News Update: WEB

PAGCOR Rejects Ongpin's Offer to Donate Stake

The Philippine Amusement and Gaming Corp. closed the door, on businessman Roberto Ongpin, on Thursday, saying it had rejected his offer to donate the bulk of his stake in online gaming firm Philweb Corp. to state casino regulator.

In a text message to the Philippine Daily Inquirer, Pagcor chair Andrea Domingo confirmed that her office had rejected Ongpin’s offer to donate his 49 percent stake in the firm to the government after Pagcor declined to renew its license, necessary for it to continue operating.

“We will not accept the offer,” she said.

The Pagcor chief explained that the issue at hand was not Ongpin’s ownership of Philweb, per se, but President Duterte’s firm stand against the social ills brought about by online gambling.

Last Wednesday, the embattled Ongpin offered to donate his 49-percent stake in Philweb Corp.—a block currently valued by the market at around P5.3 billion—to Pagcor as a last-ditch attempt to save the jobs of thousands of people dependent on the nationwide e-Games network.

Philweb’s intellectual property licensing and management agreement (IPLMA) contract expired last Aug. 10 and was no longer renewed by Pagcor.

The donation to Pagcor was cited as “a final attempt to save the jobs of about 700 Philweb employees, plus about 5,000 others who are employed by the Pagcor operators in 286 e-Games sites.”

Philweb has been doing business with Pagcor for the last 14 years, contributing to government coffers an average of P6 million a day.  Last year, Philweb remitted a total of P2.1 billion to Pagcor.

Ongpin also pointed out that average spending of each e-Games player was about P5,000 per day. “Surely one can understand that anyone who can afford to spend P5,000 a visit to e-Games casinos cannot be classified as poor or indigent,” he said.

Read more: http://newsinfo.inquirer.net/807633/pagcor-rejects-ongpins-offer-to-donate-stake#ixzz4HoJ55yCw

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Latest News Update: WEB

PAPER LOSS AT P7.664B SINCE DUTERTE'S TIRADE

Slim chance outsiders to buy Ongpin's shares in PhilWeb

The chances are slim that outsiders would buy the shares of businessman Roberto V. Ongpin in beleaguered PhilWeb Corporation.

The troubled businessman on Wednesday put on auction his entire stake of 771,749,896 PhilWeb shares, saying he would sell to the highest bidder.

On paper, Ongpin lost up to P7.664 billion of the value of his shareholdings since President Rodrigo Duterte singled him out on August 3 as an oligarch—embedded in government—that must be weeded out.

At that time PhilWeb shares closed at P14.18 apiece on the Philippine Stock Exchange (PSE), with Ongpin's shareholdings valued at P10.943 billion.

At the close of trading on Tuesday, August 9, PhilWeb shares traded at P4.25 apiece which placed the value of Ongpin's  stake at P3.279 billion. The PSE has since suspended the trading of PhilWeb shares upon the company's request.

By putting his shares up for sale Ongpin noted his motives were purely for the sake of the company and its various stakeholders.

"I am doing this auction so that I will be totally out of the picture and the innocent bystanders, such as the shareholders, the employees of PhilWeb Corporation, the e-Games operators, their collective employees which number some 5,000 may be able to save their job," Ongpin said.

'Firefighting'

The market—though most players are mum—commiserate with the businessman, but are not that keen on shelling out some cash to bailout him out.

"He's just trying all options to do some firefighting," Luis Limlingan, business development head at Regina Capital Development Corp., said on Thursday.

"They really need to preserve the core business," Limlingan emphasized.

Ongpin and PhilWeb know the share sale would not be a walk in the park and are exploring other options.

PhilWeb President Dennis Valdes said the company might consider bidding for Ongpin's shares.

"Let's say nobody's interested to buy him out... Can PhilWeb itself buy him out, take the shares into treasury as well?

"So maybe PhilWeb itself can bid, take those shares into treasury with a much, much smaller equity base. I think that's a fantastic thing to think about if I'm PhilWeb," said Valdes.

'Bearish'

The market has a problem regarding Ongpin and PhilWeb because of the controversy surrounding the circumstances of the share sale.

Investors are considering their options, Limlingan noted.

"Everyone's still in panic mode. We're a bit bearish since the administration clamped down on online gaming," he said.

With such bearish sentiment, the ball is back in the hands of PhilWeb.

If the company decides to buy back Ongpin's shares, Valdes noted the company would have to raise the funds to cover the acquisition cost.

"There are many ways to skin a cat, as they say..." he said. "It all depends which financial institutions are willing to back us up for that, and that's all based on what they believe is our ability to get back on track."

Valdes said he was also thinking of making a bid on his own upon the advice of Ongpin.

"He told me to bid. All of this is very fresh news so it has to be digested a little bit ... But really, anybody with financial means who makes a bid is welcome to do so ...

"So I'll think about it, management will think about it, but right now we're gonna digest it a little bit," he said.

Source: http://www.gmanetwork.com/news/story/577194/money/companies/slim-chance-outsiders-to-buy-ongpin-s-shares-in-philweb?utm_source=GMANews&utm_medium=Facebook&utm_campaign=GMANewsFacebook

PXP Chart

Practice lang ulit ^_^

PXP show a sign of BULL ^_^

formed a Bullish Engulfing Candles

at isa pang ^_^ bukas ang OPEC Meeting ^_^ ayos hahahahah so posible ang increase ng price bukas ^_^

Again Pratice lng po ulit. Not a RECO. Thanks

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just for my record

this is my TAPET chart before: