PhilWeb suspends trade as operations wind down
MANILA, Philippines — PhilWeb Corp. voluntarily sought for suspension of shares on Wednesday after the Philippine Amusement and Gaming Corp. (Pagcor) refused to renew its license.
The Philippine Stock Exchange approved its trading suspension for a period of 10 trading days from August 10 to August 23.
READ: PhilWeb shutting down today
"Due to material uncertainties and unverified material information affecting the business of PhilWeb Corporation that will materially affect the investing public and in order to prevent a false or disorderly trading of PhilWeb shares, we hereby request for a trading suspension in PhilWeb... This will ensure that PhilWeb shares are not being traded on an uninformed basis," PhilWeb said in its request.
Pagcor decided against renewing PhilWeb's contract despite the publicly listed company's appeal that it was not an online gaming firm.
PhilWeb's e-Games network will end at 11:59 p.m. upon the expiration of its license.
PhilWeb is a listed gaming technology company majority owned by businessman and former trade minister Roberto Ongpin, whom President Rodrigo Duterte earlier singled out in his pitch against oligarchs in the country.
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