GGRAsia – DigiPlus to take direct control of subsidiary Gamemaster

DigiPlus to take direct control of subsidiary Gamemaster

Oct 31, 2023 Newsdesk Latest News, Philippines, Top of the deck

Philippine gaming investor DigiPlus Interactive Corp says it will invest nearly PHP125.0 million (US$2.2 million) to acquire a 100-percent stake in one of its non-direct subsidiaries, Gamemaster Integrated Inc.

DigiPlus will acquire 1,249,995 shares of Gamemaster, representing the entire outstanding stock of the company, at par value of PHP100 per share. The seller is G-Boracay Land Holdings Inc, a wholly owned subsidiary of AB Leisure Global Inc. The latter in turn is a wholly owned direct subsidiary of DigiPlus.

“The transaction aims to streamline DigiPlus’ portfolio by consolidating its digital gaming platforms into direct subsidiaries to enhance synergies and efficiencies across its digital ecosystem,” stated the Philippine-listed company in a Tuesday filing.

“Gamemaster will develop and operate DigiPlus’ new digital gaming platform, which will offer a variety of card games for users,” the parent company added.

DigiPlus, formerly known as Leisure & Resorts World Corp, completed in the first quarter of 2023 a private placement in the amount of PHP1.85 billion, in order “to support its operational plans and strategies”.

The company also secured a PHP3.0-billion loan, “primarily to fund its capital expenditures for expansion of BingoPlus and on-site electronic gaming operations”.

Some wholly-owned units of DigiPlus run land-based gaming operations, including VIP gaming clubs in Philippine casinos, and electronic gaming machine halls. The group also has an online gaming licensing arm, and runs a bingo operation.

In Tuesday’s filing, DigiPlus said the deal to acquire full control of Gamemaster was “in line” with its “strategic direction to establish itself as a leading and one of the most innovative and technologically advanced digital entertainment groups in the Philippines”.

The company said it aimed at “expanding its product offerings to cater to a broader range of demographics and lifestyle preferences”.