PhilWeb Corporation, the Company, was originally a mining and exploration company incorporated in August 20, 1969 under the name “South Seas Oil and Mineral Exploration Co. Inc.” with an authorized capital stock of P50 million divided into five billion shares with a par value of P0.01 per share. On March 29, 1984, the stockholders authorized the change in the Company’s name to “South Seas Natural Resources, Inc.” which was approved by the SEC. The stockholders subsequently authorized on September 22, 1987 an increase in the Company’s authorized capital stock to P200 million divided into 20 billion shares with a par value of P0.01 each share, 60% of which were classified as Class “A” shares which may be held only by Filipino citizens, and 40% of which were classified as Class “B” shares which may be held by non-Filipinos. The SEC approved the increase in capital and classification of shares of stock.
The Company became an Internet company in January 18, 2000 upon the stockholders’ approval of a restructuring plan which involved changes in the Company’s name, primary purpose, increase in capital stock, declassification of shares, increase in the number of directors, and adoption of new by-laws, among other matters. At the same meeting, the stockholders likewise authorized the Board of Directors to sell all or substantially all of the assets of the Company, and approved the sale of the mining properties and tangible mining assets.
On January 18, 2000, the Parent Company entered into a Deed of Assignment with All-Acacia Resources, Inc. whereby the Parent Company transferred all its rights over its mining claims located in the Provinces of Samar and Surigao and all of its mining assets, both tangible and intangible, used in the Parent Company’s mining operations. In consideration therefore, All-Acacia agreed to assume all liabilities and obligations of the Parent Company, including those relating to the assignment of advances from stockholders and/or deposits on subscriptions in excess of P18 million which had been agreed to be converted to equity of the Parent Company, and arrange for the resignation, retirement or termination of all the Parent Company’s personnel relating to the mining business and pay their corresponding separation or retirement pay, as well as hold the Parent Company free and harmless from any expense, liability or obligation arising from the operation of the Parent Company as of the date of the Agreement.
The change in the Company’s corporate name to “PhilWeb.Com, Inc.”, its primary purpose from a mining and oil exploration company to that of an Internet company, increase in the number of directors to 15, and adoption of new By-laws became effective upon their approval by the SEC on February 8, 2000. The SEC subsequently approved the increase in the Company’s authorized capital stock to P2.6 Billion and the declassification of its common shares to one class on March 6, 2000.
At the annual stockholders’ meeting on May 31, 2002, the stockholders approved the change in corporate name from “PhilWeb.com, Inc.” to “PhilWeb Corporation”. The stockholders also approved the inclusion of the gaming business as an additional secondary purpose of the Company. The SEC approved these changes on November 5, 2002.
At the annual stockholders’ meeting on May 28, 2009, the stockholders approved the amendment to the Company’s Articles of Incorporation changing the par value of the Company’s common stock from P0.01 per share to P1.00 per share, with the authorized capital stock unchanged at P2.6 Billion but with a concurrent decrease in the number of shares from 260 Billion shares to 2.6 Billion shares. On September 22, 2009, the Securities and Exchange Commission approved the said amendment.