ARANETA-LED electronic gaming technology services provider PhilWeb Corp. announced the resignation of Gregorio Ma. Araneta III, Alfonso M. Araneta, and Luis M. Araneta as directors and officers to comply with first closing obligations under its recent share purchase agreement.
“We write to report that Mr. Gregorio Araneta III, Mr. Alfonso M. Araneta, and Mr. Luis M. Araneta have tendered their respective resignations as directors and/or officers of PhilWeb Corp. in compliance with the first closing obligations under the share purchase agreement executed in October 2025,” the company wrote in a disclosure on Monday.
“Mr. Gregorio Araneta III likewise resigned as chairman of the board. The resignations are effective immediately,” it added.
In October, Gregorio Araneta, Inc. (GAINC) sold its 57% controlling stake in PhilWeb Corp., transferring 829.57 million common shares for a total of P1.8 billion, or P2.17 per share, under a share purchase agreement.
Its buyers, Nexora Holdings and Velora Holdings, are “domestic holding companies organized under Philippine law to acquire, hold, own, sell, exchange, or invest in securities, properties, and related assets with full ownership and voting rights.”
PhilWeb said that during the same meeting, and after pre-qualification by the Corporate Governance Committee, the board appointed Ernesto Lagdameo III, Jacob Policarpio, and Bob Huang as directors to replace the resigning members.
Mr. Araneta III’s resignation left the chairman of the board position vacant.
“To ensure continuity in leadership and the orderly conduct of the Corporation’s affairs, the board thereafter appointed Mr. Crisanto Roy B. Alcid as chairman of the board, effective immediately,” the company said.
PhilWeb shares rose 4.58% or 27 centavos to close at P6.17 apiece on Monday. — Alexandria Grace C. Magno
