Hong Kong-listed International Entertainment Corp (IEC) said in a Tuesday filing that it has now issued a second and final tranche of Subscription Notes in the amount of HK$800 million (US$102.5 million) to DigiPlus Interactive Corp following completion of all conditions precedent under a Subscription Agreement.
The first tranche of HK$800 million (US$102.5 million) Subscription Notes was issued in early March.
Under the Subscription Agreement inked between the two companies in November, DigiPlus can upon full conversion of the notes assume a controlling stake in IEC and its primary asset – Manila’s LaVie Resort & Casino, home of New Coast Hotel Manila. Upon such conversion, DigiPlus will hold a 53.89% stake in IEC.
However, IEC pointed out in Tuesday’s filing that DigiPlus has not exercised its rights to convert the first Subscription Notes into Conversion Shares and as such does not currently hold a stake in the company.
DigiPlus stated previously that by assuming an interest in a land-based casino-resort, it would “strengthen DigiPlus’ omnipresent entertainment ecosystem by adding a strategic offline platform that seamlessly connects with its digital network, enhancing brand activation, player engagement, and customer experience across both physical and online touchpoints.”
IEC is in the process of transforming its New Coast Hotel Manila hotel and casino into a fully-fledged integrated resort as per a provisional license issued by PAGCOR in 2023. The company has pledged to spend at least US$1 billion to do so, having last year taken over full operational control of its previously PAGCOR-run casino from the regulator.
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