Shareholders in Hong Kong-listed International Entertainment Corp on Thursday approved a deal for Philippine-listed online gaming provider DigiPlus Interactive Corp to subscribe to up to HKD1.6 billion (US$204.5 million) in convertible notes with a five-year maturity and 3 percent yearly interest.
Once fully converted, the notes would give DigiPlus a 53.89 percent stake in International Entertainment based on the enlarged share capital, affirmed Thursday’s filing.
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).
Soon after the deal was announced in November last year, Eusebio Tanco, DigiPlus’ chairman, said controlling a land-based casino operation in Manila would contribute to the group’s long-term success.
International Entertainment’s shareholders also approved on Thursday the conditional whitewash waiver granted by the Securities and Futures Commission of Hong Kong, according to the announcement.
The whitewash waiver dispenses the obligation on the part of DigiPlus to make a mandatory general offer for all the shares and other securities of International Entertainment, in case of conversion of the latter’s convertible notes.
International Entertainment said on Wednesday that it was aiming for a “grand reopening” in July of the New Coast Hotel Manila.
