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Manila Bulletin devider Business devider The Stock Market devider DigiPlus sees merit in dual listing after acquisition of HK-listed IEC

DigiPlus sees merit in dual listing after acquisition of HK-listed IEC

Published Nov 20, 2025 04:06 pm
DigiPlus Interactive Corp., the Philippines’ leading online gaming firm, sees merit in a dual listing in Hong Kong once it completes the ₱12-billion acquisition of a majority stake in Hong Kong-listed International Entertainment Corp. (IEC).
In an interview, DigiPlus President Andy Tsui said that, “At the moment, I think we don’t have that idea yet, but we’re open. Because the benefit of having a Hong Kong-listed company, it will enlarge our investor base.”
“We can tap into a lot of international investors with higher liquidity,” he added, but noted that, “now we’re more focusing on the integration first.” IEC owns the New Coast Hotel Manila integrated casino resort, which is currently undergoing a $1-billion renovation.
DigiPlus has just signed a 1.6-billion-Hong-Kong-dollar, or approximately ₱12-billion, convertible notes agreement with IEC, which, if converted into IEC shares, will give it 53.89-percent control of the company.
However, the conversion and acquisition will trigger a mandatory tender offer for DigiPlus to buy the minority shares of IEC, thus increasing its acquisition cost. This is why the acquisition hinges on securing a whitewash waiver from shareholders, so DigiPlus does not need to buy their shares.
“IEC needs to go through a shareholder meeting to approve the structures. This might take eight weeks to nine weeks and, once it’s approved, we’ll make the first tranche [of 800 million Hong Kong dollars] sometime in early January, and then... sometime in April, we will make the second payment,” said Tsui.
He added that, “we also have to obtain approval from PCC [Philippine Competition Commission] for the acquisition. So, that might take a good maybe six to nine months.”
DigiPlus intends to fund the ₱12-billion acquisition internally as it is sitting on a cash pile of “over ₱19 billion,” although Tsui said they might also tap some short-term bank financing for a portion of the purchase price.
If DigiPlus does not get the whitewash waiver or decides not to convert, the notes will instead be redeemable at 108 percent at the end of the five-year maturity.
IEC owns and operates the 203-key New Coast Hotel Manila, an integrated hotel and casino complex located in Malate, Manila, which operates 96 gaming tables, 495 slot machines, and a range of other gaming amenities.
Tsui said that if DigiPlus manages to acquire IEC, it will further establish its foothold in mass-market gaming in the Philippines, given New Coast Hotel Manila’s location in the heart of Manila.
He noted that, “we see the competition in the Entertainment City is getting very intense and the growth rate is kind of declining as well. So, we think that if we position ourselves in the Malate area, we could achieve much stronger growth because there’s only one casino or integrated resort in that area.”
“Of course, the cost of investment is much lower to enter into a land-based casino in the Malate area versus anywhere else in the Entertainment City,” Tsui added.
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