PhilWeb hits 7-year low as contract renewal uncertain | ABS-CBN
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PhilWeb hits 7-year low as contract renewal uncertain
PhilWeb hits 7-year low as contract renewal uncertain
Reuters
Published Aug 09, 2016 12:25 PM PHT
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Updated Aug 09, 2016 05:57 PM PHT
MANILA - PhilWeb Corp. shares plunged as much as 41 percent on Tuesday, stretching losses to the lowest since March 2009 following reports the state gambling regulator won't renew its license.
MANILA - PhilWeb Corp. shares plunged as much as 41 percent on Tuesday, stretching losses to the lowest since March 2009 following reports the state gambling regulator won't renew its license.
PhilWeb, which supplies software for online gambling operations, was down 23.78 percent to P3.91 at noon, ahead of a meeting between company officials and the head of the Philippine Amusement and Gaming Corp later Tuesday.
PhilWeb, which supplies software for online gambling operations, was down 23.78 percent to P3.91 at noon, ahead of a meeting between company officials and the head of the Philippine Amusement and Gaming Corp later Tuesday.
The company is majority-owned by tycoon Roberto Ongpin, who recently resigned as chairman after President Rodrigo Duterte singled him out in a speech where vowed to "destroy oligarchs."
The company is majority-owned by tycoon Roberto Ongpin, who recently resigned as chairman after President Rodrigo Duterte singled him out in a speech where vowed to "destroy oligarchs."
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PhilWeb shares were down nearly 78 percent so far this year, as of Monday. -- with ABS-CBN News
PhilWeb shares were down nearly 78 percent so far this year, as of Monday. -- with ABS-CBN News
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