Philippine businessman Lance Gokongwei has joined the board of PhilWeb Corporation, formalizing his role at the gaming technology firm weeks after it confirmed his PHP2.03 billion ($33 million) personal investment.
The board elected Gokongwei as director at its July 9th meeting, according to a filing with the Philippine Stock Exchange, filling one of two vacancies created by the immediate resignations of Susana C. Fong and Ismael Augusto S. Gozon. Aldous Brigino was elected as independent director to fill the other seat.
Following Gozon’s departure, the board also reconstituted PhilWeb’s audit committee, now chaired by Brigino alongside independent directors Daniel Tirona Francisco and Anthony Ferdinand C. Yu.
Gokongwei, president and CEO of conglomerate JG Summit Holdings, disclosed last month a subscription for just over 159.5 million common shares and 93.8 million redeemable preferred shares at PHP8.00 apiece, giving him an initial 10 percent stake in PhilWeb’s common stock, rising to approximately 15 percent if the preferred shares are fully exercised. The investment is being made in a personal capacity rather than through any listed Gokongwei group company.
The board changes come as PhilWeb deepens its push into online gaming technology, having struck partnerships this year with Hann Casino Resort, NUSTAR Online, Newport World Resorts operator Travellers International, and Okada Manila’s Okada Play platform.
