PhilWeb Corporation, a Philippines-listed eGames service provider, has denied reports linking it to a potential backdoor listing by online gaming platform PlayTime. In a disclosure to the Philippine Stock Exchange (PSE), the company stated that it has had “no interactions, communications, or engagements” with PlayTime.
The clarification comes after an article published by Bilyonaryo on 21 March suggested that PlayTime was considering a backdoor listing via PhilWeb. The speculation led to a sharp decline in PhilWeb’s stock price, prompting an inquiry from the PSE.
Stock drops nearly 30% following rumours
On 25 March, PhilWeb addressed the PSE’s inquiry regarding an “unusual price movement” in its shares. The company’s stock fell almost 30 percent in a single day, dropping from PHP3.29 ($0.057) to PHP2.31 ($0.04) per share.
PhilWeb attributed the stock decline to “market reactions” following the Bilyonaryo article. The company also clarified that it had no prior communication with the publication before the report was released, aside from its official response to the PSE.
No corporate changes or new disclosures
PhilWeb assured investors that there are no significant corporate developments or undisclosed activities at this time. The company stated that aside from its upcoming 2024 financial report, there are no pending announcements or planned business moves.
PlayTime’s rapid growth in online gaming
PlayTime, the online gaming platform at the centre of the speculation, launched in January 2024 and operates under a licence from the Philippine Amusement and Gaming Corporation (PAGCOR). The platform claims to have over 20 million subscribers and around 2 million active users, positioning itself as one of the fastest-growing online entertainment services in the country.
