The company struck a HK$1.6 billion (P12 billion) deal that will give it control of International Entertainment Corp. (IEC), owner of New Coast Hotel Manila and holder of a Philippine Amusement and Gaming Corp. provisional casino license.
DigiPlus will subscribe to convertible notes that, once fully converted, will give it a nearly 54 percent stake in IEC, the latter said in a regulatory filing in the Hong Kong stock exchange.
The news was first reported by gambling-focused publication Inside Asian Gaming.
The transaction triggers takeover rules, prompting DigiPlus to seek a Whitewash Waiver so it can secure control without launching a mandatory general offer.
Firm has license for a $1-B integrated casino in Manila
IEC plans to use the fresh capital to repay a major promissory note and a secured bank loan, easing balance-sheet pressure as it ramps up casino expansion.
The remaining funds will support IEC’s $1-1.2 billion integrated-resort commitment in Manila, including 800 luxury hotel rooms and a 250,000-square-meter complex.
This diversification move comes as DigiPlus adjusts to a shifting regulatory landscape that recently tempered online gaming activity.
While the third quarter brought slower earnings, the company continues to broaden its growth drivers beyond digital platforms.
—Edited by Miguel R. Camus
