Hong Kong-listed International Entertainment Corp announced on Wednesday that it has issued a first tranche of subscription notes, in the principal amount of HKD800.0 million (US$102.5 million), to Philippine-listed online gaming provider DigiPlus Interactive Corp.
“The first completion of the subscription agreement took place on 3 March 2026,” the firm stated in a filing.
Under an agreement announced last year, DigiPlus is to subscribe to HKD1.60 billion in convertible notes issued by International Entertainment. Shareholders of International Entertainment approved the deal last week.
Once fully converted, the notes would give DigiPlus a 53.89 percent stake in International Entertainment based on the enlarged share capital, according to previous filings.
The deal will provide DigiPlus a foothold in the Philippines’ land-based casino sector as International Entertainment controls the New Coast Hotel Manila. The complex has a provisional casino gaming licence from the Philippine Amusement and Gaming Corp (Pagcor).
In its own filing to the Philippine Stock Exchange on Wednesday, DigiPlus said the second tranche of notes “is expected to take place no later than three months” from the issuance of the first tranche, “unless otherwise agreed by the parties in writing”.
International Entertainment said in its Wednesday update that after deduction of relevant costs and expenses of approximately HKD2 million, it expects net proceeds of about HKD1.598 billion from the subscription agreement.
International Entertainment is currently redeveloping New Coast Hotel Manila into an integrated resort. The company has committed to invest at least US$1.0 billion in the revamp effort.
The company said last week that it was aiming for a “grand reopening” in July of the New Coast Hotel Manila.
International Entertainment said around HKD716.4 million of the funds raised through the deal with DigiPlus would be allocated to working capital, as well as to finance the upgrades to New Coast Hotel Manila.
The company said a further HKD489.2 million would be used to repay promissory notes, while HKD392.4 million would be allocated to settling outstanding bank loans.
