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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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Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

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2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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