Lance Gokongwei takes PhilWeb board seat after P2-B investment

MANILA, Philippines – Billionaire Lance Y. Gokongwei has officially joined the board of PhilWeb Corp., months after committing about P2 billion in the listed gaming technology firm through a strategic investment.

In a disclosure on Friday, the listed gaming technology firm said its board elected Gokongwei as director during its regular meeting on Thursday, filling the vacancy left by the resignation of Atty. Susana C. Fong.

READ: Lance Gokongwei to acquire up to 15% stake in PhilWeb

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The appointment took effect immediately after the board accepted the resignations of Fong and Ismael Augusto S. Gozon as directors and officers of the company.

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Gokongwei, president and CEO of JG Summit Holdings Inc., is set to acquire up to a 15 percent stake in PhilWeb agreed earlier this year to invest around P2.03 billion in the company through a share subscription that would make him one of the company’s largest shareholders upon completion of the transaction.

READ: PhilWeb board reshuffle follows Araneta exit after share sale

The board also elected Aldous Brigino as an independent director to fill the other vacancy. Following Gozon’s resignation, PhilWeb reconstituted its Audit Committee, appointing Brigino as chair alongside independent directors Daniel Tirona Francisco and Anthony Ferdinand C. Yu as members.

PhilWeb said the board confirmed that both Gokongwei and Brigino possess the qualifications required for their respective positions and are not subject to any disqualifications under applicable rules. /pai INQ

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