MANILA - PhilWeb Corp. on Friday said the the first tranche of the sale of ex-chairman Roberto Ongpin's shares to Gregorio Araneta has been completed.
The bloc sale, completed on May 22, involved 653,151,896 shares. The board of directors of the Philippine Stock Exchange approved the listing of 118,500,000 shares for the second and last trance, the company told the stock exchange.
Ongpin had agreed to sell his shares in the company to Araneta in two tranches.
Ongpin stepped down as PhilWeb chairman last year after President Rodrigo Duterte singled him out in his fight against oligarchs.