Philippines-listed eGames service provider PhilWeb Corporation has firmly denied reports suggesting that the online gaming platform PlayTime is pursuing a backdoor listing through the company.
The eGames service provider clarified that it has had ‘no interactions, communications, or engagements’ with PlayTime.
The statement, issued via a filing with the Philippine Stock Exchange (PSE), addressed both an exchange inquiry and a report by Bilyonaryo.
Following its initial filing dated March 24th, PhilWeb responded on March 25th to an inquiry from the PSE regarding an ‘unusual price movement’ in its shares, as the company’s stock declined nearly 30 percent, from PHP3.29 ($0.057) to PHP2.31 ($0.04) per share that same day.
In the document, PhilWeb attributed the drop to ‘market reactions’ following Bilyonaryo’s article, which was published on March 21st.
The company also clarified that it had no prior contact with the news platform or its representatives before the article’s publication, apart from its official response to the PSE.
PhilWeb stated that aside from its upcoming 2024 financial report, there are ‘no reportable or disclosable corporate events or activities at this time.’
PlayTime, launched in January 2024 and licensed by the Philippine Amusement and Gaming Corp (PAGCOR), states that it has over 20 million subscribers and approximately 2 million active users. The platform also says it is one of the fastest-growing online entertainment platforms in the Philippines.
