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What is Roberto V. Ongpin EndGame For PhilWeb

WHAT IS ONGPINS END GAME? (Update)
 
Manoeuvring in the Philippines as former chairmans auction completes.
 
Former Philweb chairman Roberto V. Ongpin is keeping observers guessing in the latest manipulation of his majority 53.76 percent shareholding in the beleaguered company.
 
Reports from Manila this morning (Wednesday) are that the controversial businessman claims to have received five bids for the 771 million shares....but that he has decided not to accept any of them.
 
Ongpin told the Manila Enquirer:
 
“Due to the reports in the media that under no circumstances will the Philweb license be renewed, I have decided that it is not appropriate, nor fair to the bidders for me to award my shares to any of them.
 
“As you know, the bid is contingent on the renewal by Pagcor of Philweb’s license and the reports in the media that the license will not be renewed under any circumstances render the auction process moot and academic.”
 
Instead, Ongpin has announced that he has offered to donate a 49 percent stake in Philweb Corp. to the state-owned Philippine Amusement and Gaming Corp. (Pagcor). PAGCOR has declined to renew Philwebs licence .
 
Ongpin has also offered to donate another 4.7 percent stake in Philweb to the Ateneo de Manila University JVO (Jaime V. Ongpin) Scholarship Fund, the newspaper reports, quoting from a letter dated August 17 sent to PAGCOR chief Andreas Domingo by the businessman.
 
Ongpin hopes that his donation to Pagcor will save the jobs of about 700 Philweb employees, plus about 5,000 others who are employed by operators in 286 e-Games sites.
 
The former chairman says that he opted for a 49 percent donation to PAGCOR to avoid Philweb being classified as a government-owned and -controlled corporation (GOCC), which would make various restrictions applicable and make operations untenable.
 
Philweb was valued by the stock market at P10.77 billion as of Wednesday’s close, with Ongpins 53.76 percent stake worth about P5.8 billion.
 
Ongpin says there are "no strings attached" to his offer, and that PAGCOR "...can decide whether to retain it as a permanent invest or auction all or part of it off to the highest bidder.”

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Gambling News :

Oryx in deal with Extreme Live Gaming - #oryx Turnkey provider ORYX has selected Extreme Live Gaming for the integration of a number of Live Casino titles to its games platform.

GAN Partners with Station Casinos - B2B online gaming company GAN (formerly Game Account Network) has revealed Station Casinos as its previously unidentified partner in an announcement made August 2016

Tipbet Sponsor of easy Credit Basketball Bundesliga for season 2016/2017 - #tipbet The agreement comes with good timing; the BBL basketball 2016/17 season started last Friday, ensuring that Tipbet benefits from high visibility for its brand presence at the games.

Oceanís Call Slot Launches - Online gambling games developer Habanero has embarked on a journey across the high seas to bring players its latest HTML5 high resolution slot title, Oceanís Call.

Big Names Playing WCOOP - The big names came out to play in the closing stages of the World Championship of Online Poker this week as major prizes were handed out in a number of exciting and entertaining competitions.

Should Gibraltar and Britain be regarded as a single state under EU gambling laws? - The issue has been referred to the ECJ by the High Court with the question "should the UK and Gibraltar be treated as a single member state when it comes to EU law on remote gambling?"

Sirplay to Open Argentina Branch - #SirPlay expects the new office to be fully operational by early next year, extending its service to Grupo Slots, which holds a license to operate the provincial San Luis Lottery, and other potential LatAm clients.

DFS Changes for Ohio - #dfs Coley says that at present DFS is an example of the "pools for profit" concept, the rules for which the state Attorney General has opined are unclear in relation to DFS.

New Jersey Teams Up With Kahnawake Gaming Commission - The New Jersey Division of Gaming Enforcement and the Kahnawake Gaming Commission have agreed to collaborate in preventing unlicensed online operators from accepting bets from New Jersey and other U.S. states through the Continent 8 data centre situated on tribal land, according to reports Tuesday from the Associated Press news agency.

Petition to Ban Online Gaming in Singapore - Singapore Pools and Singapore Turf Clubís application to operate online betting has triggered the origination of a petition that calls on the Government to deny authorization and stop legalization of online gambling.

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