Makati—(PHStocks)—Today, June 2, 2017, Roberto V. Ongpin sold 118,500,000 shares of PhilWeb Corp. (PSE: WEB) to Gregorio Araneta Inc. (GA) at a price of PhP2.60 per share. The transaction marks the second and final tranche of the sale of Ongpin’s full holdings in WEB to GA, following closely on the first tranche of 653,151,896 WEB shares that were crossed on May 22, 2017.
GA, the legal entity that is the new majority shareholder of PhilWeb, is a company that was founded in 1931 to manage the business interests of renowned lawyer Don Gregorio Araneta. Today, the company is headed by the founder’s grandson and namesake, Gregorio Araneta III.
GA is a holding company engaged in real estate, transportation, telecommunication, security and protection services, environmental protection and other businesses. Among its projects is the largest solar energy farm in the country, a 132.5 MW facility in Cadiz, Negros Occidental, which is a joint venture with the solar energy firm Soleq.
The two transactions selling Ongpin’s shares to GA mark the culmination of the exit of Ongpin from the company, a process started last August 4, 2016 when he resigned as chairman, continued as he negotiated a sale of his entire shareholdings in the company to Araneta, and which were concluded today with the completion of the second and final tranche of the sale. The 771,651,896 WEB shares now owned by GA represent 53.75% of the total issued and outstanding shares of PhilWeb.
The entry of Araneta into PhilWeb marks a new beginning for the company. Upon the completion of the transaction, Araneta said, “On behalf of the Board of Directors of PhilWeb, I would like to thank Mr. Ongpin for his unparalleled contributions to the company since its inception on January 18, 2000. Over the past 17 years, WEB consistently delivered value to all its shareholders, and it was under Mr. Ongpin’s stewardship that the company became the largest and most profitable provider of IT technology in the country.”