Philweb completes 3rd tranche of ePLDT share sale

Ongpin-led online gaming firm Philweb Corporation bought another 93.46 million shares in ePLDT, a wholly-owned unit of Philippine Long Distance Telephone Company (PLDT), for P1.015 billion.

 

In a disclosure to the Philippine Stock Exchange on Thursday, Philweb said unit Philweb Casino Corporation, transacted the third tranche of Philweb shares in PLDT's data center totaling 93,457,944 by means of a special block sale through the facilities of the exchange.

 

"The total price paid for this third tranche is P1.015 billion or P10.8632 per share computed at a base price of P10.70 per share with an adjustment of 3 percent per annum," the disclosure read.

 

On July 11, 2012, Philweb Corp. signed a share purchase agreement with PLDT to buy back its 27 percent equity, or 397.892 million shares, in ePLDT for P4.257 billion. It was supposed to add value to the earnings per share of shareholders.

 

The four-installment transaction is expected to be fully consummated at the end of 2013, with the first tranche executed at P10.70 per Philweb shares on July 13, 2012 and the second tranche also at P10.7 per share on October 22, 2012.

 

"PLDT and Philweb shall make another disclosure as and when the sale and purchase of the fourth and final tranche of Philweb shares shall have been executed," the company said.

 

ePLDT bought a 20 percent stake in Philweb for more than P500 million in May 2006.

 

Philweb is the main technology service provider of state-run Philippine Amusement and Gaming Corp., particularly internet casino and sports betting.

 

In the first quarter, Philweb posted a net income of P266.2 million, up 10 percent from P242.6 million a year earlier. Revenues reached P369.8 million, up 8 percent from P342.5 million in the same comparable period. — Danessa Rivera/VS, GMA News