Manila, March 25, 2024—Philippine listed company PhilWeb (PSE: WEB) today issued an official announcement through the Philippine Stock Exchange, explicitly denying any form of capital cooperation negotiations with the emerging online gaming platform PlayTime. This statement directly responds to recent market rumors about the possibility of strategic cooperation between the two parties through a "Backdoor Listing".
Official Clarification of Three Core Points
No Contact Declaration
The company emphasized in the disclosure document: "As of the date of this announcement, the PhilWeb board of directors, senior management, and any authorized representatives have not held meetings, negotiations, or transactions with PlayTime or its affiliates regarding any form of business cooperation."
Unaware of Information
The announcement specifically points out that the company "is completely unaware of the so-called listing plans mentioned in market rumors" and "has not participated in any related discussions or operations."
Business Focus on Current Status
PhilWeb states that its current work focus remains on regular business affairs and the upcoming release of the "2024 Financial Report," with "no other significant matters to disclose."
Stock Price Volatility and Regulatory Inquiry
In a supplementary statement submitted simultaneously, PhilWeb confirmed that it had received an inquiry letter from the Philippine Stock Exchange regarding recent abnormal stock price fluctuations. Data shows that the company's stock price accumulated an amplitude of 18% during the first three trading days of this week, with trading volume surging 240% compared to the monthly average.
The company responded: "Market speculation may be a potential factor in stock price fluctuations, but no concrete evidence has been found to directly link it to specific events." Analysts point out that this statement suggests that regulatory authorities may have noticed potential market manipulation suspicions.
Background Extension: The Rapid Rise of PlayTime
Public records show that the controversial PlayTime platform officially obtained an operating license from the Philippine Amusement and Gaming Corporation (PAGCOR) in January 2024. With its innovative social gaming model, it quickly attracted over 2 million registered users. Notably, the platform's main investors include several capital operators who have participated in the restructuring of multiple listed companies in the Philippines.
Market Impact
PhilWeb's stock price fell by 5.2% after the statement was released, essentially erasing the gains of the week.
The Philippine Stock Exchange's Listed Company Regulatory Department stated that it will continue to monitor abnormal transactions.
Local securities analysts remind investors to be cautious of the speculative risks associated with "backdoor listing" concepts.
