Key points:
- PhilWeb confirms it is not engaged in discussions with PlayTime
- Company says no communications have taken place with the platform
- Share movement on Monday may have been influenced by speculation
PhilWeb Corporation has issued a formal clarification stating that it has not entered into any negotiations or discussions with online gaming platform PlayTime regarding a possible backdoor listing.
In a disclosure to the Philippine Stock Exchange dated 25 March, the company said no communications, meetings or business dealings have taken place between PhilWeb’s board, management or any of its representatives and any parties connected with PlayTime.
The company added that it is not aware of any discussions or transactions related to such a listing and has no involvement in any such matter.
PhilWeb also noted that, aside from its forthcoming financial statements for the year ending 2024, there are currently no reportable corporate events or developments.
In a separate statement, PhilWeb acknowledged an enquiry from the exchange regarding an unusual shift in the trading of its shares at the start of the week. It commented that the price movement may possibly be connected to public speculation, though no direct link was confirmed.
PlayTime, which entered the market in early 2024, is licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) and claims a user base numbering in the millions.
PhilWeb made clear that, at present, it remains focused on its existing operations and forthcoming reporting.
