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Manila Bulletin devider Business devider The Stock Market devider Lottery firm POSC expands into online gaming with Buenas e-Casino acquisition

Lottery firm POSC expands into online gaming with Buenas e-Casino acquisition

Published Jan 30, 2025 01:57 am

Lottery firm Pacific Online Systems Corporation (POSC) is investing P150 million to diversify into the online gaming business through the acquisition of a 37.5 percent stake in the owner of Buenas e-casino.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it has entered into an Investment Agreement with HHR Philippines Inc. (HHRPI) together with its principal shareholders.

POSC will acquire 81,000 HHRPI shares at P1.85 million per share, equivalent to 37.5 percent of the resulting outstanding capital of HHRPI after POSC’s investment.

HHRPI will primarily fund its expansion program with the proceeds of POSC’s capital infusion. The firm holds a Philippine Amusement and Gaming Corp. (PAGCOR) Gaming License for online gaming or e-casino under the brand Buenas.

HHRPI, a software and professional service provider of electronic gaming platforms for land-based and online gaming operators, is licensed and accredited by PAGCOR.

Through this investment in HHRPI, POSC said it will expand its online gaming business presence through a company licensed by PAGCOR.

POSC will be paying for its P150 million subscription in three tranches. The transaction price is a negotiated amount which considers, among others, the start-up/pre-operating costs already expended by HHRPI as of the date of the transaction, including some reasonable premium.

Following this disclosure, the PSE suspended the trading of POSC shares because “after a review of the disclosure submitted by the Company, the Exchange deems that the acquisition of HHRPI is covered by the rule on disclosure for substantial acquisitions and reverse takeovers…”

“Pursuant to Substantial Acquisition Rule, the trading of LOTO shares will be suspended effective at 9:00 a.m. today, Jan. 30, 2025, pending submission by the Company of the requisite comprehensive disclosure,” the bourse added.

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