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Nov 28, 2016 @ 21:16

Greggy Araneta makes a killing: P9.7 windfall in 2 months

 

Bilyonaryo Greggy Araneta has already gained more than P9 billion in paper profits from the purchase of Philweb Corp. shares from former trade minister Roberto V. Ongpin.

The purchase formed part.of an agreement signed between Araneta, a son-in-law of deposed President Ferdinand Marcos, and Ongpin, who is Marcos’ Trade Minister.‎

The deal involved Araneta’s acquisition of Ongpin’s 53.76 percent stake consisting of 771.65 million Philweb shares at P2.60 per share or about P2 billion.

The first tranche of 653.15 million shares was completed last October 5 through a special block sale at the stock exchange.

Ongpin made the fire sale apparently to appease President Rodrigo Duterte who has ‎has targeted Ongpin and his business as the worst example of an oligarch profiting from state regulation which he wanted eradicated under his administration. Ongpin thought it best to save Philweb by handing control to his long-time business partner Araneta especially since the Marcoses were close to Duterte’s heart having bankrolled his campaign.

Based today’s price of P14.64, Araneta has already profited some P9.7 billion in less than two months.

Ahead of this deal, Philweb appointed Araneta as new chair following Ongpin’s resignation.

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