Billionaire Lance Y. Gokongwei will join the board of directors of PhilWeb Corp., entering the gaming and technology firm alongside a new independent director following his ₱2 billion investment for a 15 percent stake.

PhilWeb disclosed to the Philippine Stock Exchange that directors Susana C. Fong and Ismael Augusto S. Gozon resigned effective immediately to vacate seats for Gokongwei and tech executive Aldous Brigino.

The board accepted the resignations during its July 9 regular meeting and subsequently elected Gokongwei as a director and Brigino as an independent director to fill the vacancies.

Since May 2018, Gokongwei has served as president, chief executive officer, and executive director of JG Summit Holdings Inc., the flagship investment vehicle of one of the country’s largest conglomerates.

Beyond his core family holdings, Gokongwei holds influential board positions across the domestic economy, serving as vice chairman of power distributor Manila Electric Co., vice chairman of Maxicare Corp., and an advisory council member at Bank of the Philippine Islands.

His portfolio also spans directorships at Oriental Petroleum and Minerals Corp., Singapore Land Group Ltd., Shakey’s Asia Pizza Ventures Inc., SP New Energy Corp., and Robinsons Retail Holdings Inc.

Brigino joins the board with over two decades of executive experience across the telecommunications, fintech, and digital payments sectors. He is the current chairman of Techwave Technologies Corp. and co-founder of Beetzee Play, with a resume that includes senior leadership roles at major local tech players, including PayMaya Philippines, Smart Communications, and CIS Bayad Center.

The boardroom reshuffle follows an agreement disclosed on June 24, where Gokongwei, investing in his personal capacity, agreed to subscribe to 159.53 million common shares and 93.84 million redeemable preferred shares at ₱8 apiece.

PhilWeb will issue the shares from a planned increase in its authorized capital stock to ₱3.6 billion from ₱2.6 billion. The capital expansion is subject to approval from the company’s shareholders, the Securities and Exchange Commission, and other regulatory agencies. PhilWeb stated that the transaction is designed to fortify its capital-raising activities and back upcoming corporate initiatives.

Once the capital hike is finalized, Gokongwei will immediately hold about 10% of PhilWeb’s outstanding common stock. His total ownership will rise to approximately 15% assuming the full conversion of his preferred shares, with the final listing of the new common shares subject to the approval of the local bourse. (James A. Loyola)