Pacific Online, which trades under the stock symbol LOTO, disclosed an investment agreement to acquire 37.5 percent of HHR Philippines Inc. (HHRPI).
The Philippine Stock Exchange suspended trading of LOTO shares on Thursday as the deal falls under its rules for substantial acquisitions and requires more detailed disclosure. LOTO, controlled by SM Group-backed Belle Corp., last traded at P4 per share, valuing the company at P3.58 billion.
HHR Philippines is a Philippine Amusement and Gaming Corp.-licensed provider of electronic gaming platforms.
It runs land-based and online gaming under its “Buenas” e-Casino brand, which offers a host of gambling options, such as slots, table games, and live dealer experiences.
Big picture
Online gambling continues to boom in the Philippines, with the rise of firms like DigiPlus Interactive, chaired by tycoon Eusebio Tanco, serving as a clear example of the segment’s strong growth prospects.
Ocier, a director and major shareholder of DigiPlus, is positioning to ride this wave.
“HHRPI has the relevant PAGCOR licenses in a very explosive growth industry. As we have taken a minority stake, we are fully supportive of the current management in executing on its strategy to produce revenues for our company,” Ocier, the chair of LOTO, told InsiderPH in a text message.
Buenas ready to integrate with payments portals
“The gaming platform that powers Buenas is among the best in the industry and is currently in the process of integrating with the industry’s biggest payment platforms,” he added.
For now, he is happy with being a minority stockholder in HHR Philippines.
“That’s all they agreed to [sell],” he said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
