MANILA - Tycoon Roberto Ongpin has sold entire his stake in troubled gaming software provider PhilWeb Corp. to Gregorio Araneta Inc. for P2B, the company said Wednesday.

Ongpin sold 771,651,896 shares, which represents 53.76 percent of the company, at P2.60 per share, PhilWeb told the stock exchange. He had hoped to sell the stake for as much as P20 billion.

"With the divestment of Ongpin, the new management of PhilWeb will now reapply for the continuation of its license with PAGCOR for its nationwide network of eGames cafes," according to the stock exchange disclosure.

Under an agreement concluded Wednesday, the first tranche of 653,151,896 shares will be acquired through a special block sale. The second tranche will involve 118,500,000 shares, PhilWeb said.

Ongpin resigned as chairman of PhilWeb in August after President Rodrigo Duterte singled him out as an "oligarch" who must be destroyed for making money out of the suffering of the poor.

The Philippine Amusement and Gaming Corp. (PAGCOR) had also refused to renew PhilWeb's license after Duterte declared that he was against online gambling.

The PAGCOR had rejected earlier attempts by PhilWeb to donate Ongpin's stake to the government or spin off the company's business into an online lottery.