Philippines-listed DigiPlus Interactive Corp, recent winner of a Brazil sports betting and online gaming licence, affirmed in a Monday filing that up to PHP3 billion (US$51.7 million) earmarked this year for the group’s capital spending is for its existing Philippines business, and short-term support for its Brazil venture.
“We wish to clarify that the amount of PHP2.5 billion to PHP3 billion is allocated for maintenance capital expenditures in the Philippines and to fund the investment in Brazil in the short-term,” stated the company.
It added: “The amount excludes funding for potential new investments.”
The Manila Standard news outlet had on Sunday cited Celeste Jovenir, DigiPlus vice president for investor relations, saying the amount covered the initial spending for the Brazil venture, which the company was finalising in preparation for operations from the fourth quarter onward.
She was quoted by the media platfom as saying: “Aside from the PHP660 million for the initial investment in Brazil, it includes maintenance capex – IT [information technology] infrastructure upgrades, and facilities renovation. This is already funded.”
Ms Jovenir said the company had not yet determined the remaining capital expenditure for Brazil, as the group was “still finalising the plans and building the team”.
A fortnight ago, DigiPlus stated it was seeking a “strategic partner with gaming expertise” for its expansion in Brazil.
Its existing Philippines business includes bingo and a digital sportsbook platform. In January the group said that last year it doubled its registered-user tally, to more than 40 million.
