Philippine E-gamer Halts Trading After President Attack
Fakhir Rizvi Published August 10, 2016 | 06:38 PM
MANILA, (APP - UrduPoint / Pakistan Point News - 10th August, 2016) - A Philippine gaming firm voluntarily halted trading Wednesday after President Rodrigo Duterte launched an attack on its chairman as part of a campaign against "oligarchs". PhilWeb Corp's chairman and chief executive Roberto Ongpin resigned last week, a day after newly elected President Duterte threatened to "destroy" him as part of a drive to curb the influence of wealthy residents over the government. "The Exchange approved the Company's request for a voluntary trading suspension of (PhilWeb) shares for a period of ten (10) trading days, effective at 9:00AM today, August 10, 2016, until August 23, 2016," an exchange disclosure said. The company has already seen its share prices take a pummelling and after Duterte's attack Ongpin said that he is selling off his 54 percent stake in PhilWeb.
Duterte launched his verbal assault on Ongpin during a speech at an environmental conference on August 4.
"These are the people who take the wealth of our nation but don't spend anything but their saliva and connections," he said. Press reports had said gaming regulator Philippine Amusement and Gaming Corp.
(Pagcor) would not renew PhilWeb's contract to provide software for cafis dedicated to casino games after it expires on Wednesday. However Pagcor would not confirm these reports. PhilWeb, capitalised at 7.36 billion pesos, had previously said it was seeking clarification from Pagcor officials. The company put up by Ongpin, 79, described by Forbes.com as the country's 20th-richest man with a 2015 net worth of $900 million, received a Pagcor license in 2003 to launch its so-called e-Games stations.
Related Topics
Recent Stories
Dubai Mum Becomes the First Ever Pakistani Woman to Climb 11 of the 14 Highest M ..
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
More Stories From World
-
Football: Italian Serie A table
4 hours ago -
Tennis: ATP Madrid Open result
5 hours ago -
Football: Italian Serie A results - collated
5 hours ago -
Bodies in Mexico presumed to be missing surfers have bullet wounds to head
5 hours ago -
Rublev battles past Auger-Aliassime to claim Madrid Open title
5 hours ago -
Cesar Luis Menotti, football romantic who led Argentina to first World Cup
5 hours ago
-
Football: German Bundesliga table
5 hours ago -
Former Argentina World Cup winning coach Menotti dead at 85 - federation
5 hours ago -
Leverkusen extend unbeaten run to 48 games with win at Frankfurt
5 hours ago -
Rejuvenated Liverpool dent Tottenham's Champions League dreams
5 hours ago -
Furious Moyes blasts West Ham flops after Chelsea run riot
5 hours ago -
Teenager turns self in after attack on German politician
5 hours ago