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Pacific Online rethinking investment in Buenas e-casino

Business | The Stock Market

Pacific Online rethinking investment in Buenas e-casino

Lottery firm Pacific Online Systems Corporation (POSC) is rethinking its investment into the online gaming business amid regulatory uncertainty due to government threats to ban Philippine inland gaming operators (PIGOs) if it gives rise to problems similar to that of Philippine offshore gaming operators (POGOs).

In an interview, POSC Chairman Willy N. Ocier said they had invested P150 million in the online gaming business through the acquisition of a 37.5 percent stake in the owner of Buenas e-casino, HHR Philippines, Inc. (HHRPI), “because we wanted to get our feet wet. Just to get a feel of it.”

However, amid the current uncertainty, he said they have no plan to increase POSC’s stake in HHRPI as they cannot control the regulatory environment.

“We’re not aggressive on it,” he said noting that they have no plans yet on how to go on after their initial investment.

Last January, POSC said it was acquiring the equivalent of 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.

The proceeds of POSC’s capital infusion will be utilized by HHRPI primarily to fund its expansion program. The firm is a holder of a PAGCOR Gaming License for online gaming (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 the Philippine Amusement and Gaming Corporation (PAGCOR).

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

Related Tags

WIlly Ocier Pacific Online Systems Corporation

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