DigiPlus to acquire hotel operator IEC for P12 billion

DigiPlus Interactive Corp. plans to acquire a controlling stake in International Entertainment Corp. (IEC), owner of New Coast Hotel Manila, for approximately P12 billion through convertible notes.

This strategic move allows DigiPlus to expand into the offline casino and hotel industry, complementing its digital entertainment platforms like BingoPlus, ArenaPlus, and GameZone.

The total investment is HK$1.6 billion (around P12 billion), to be disbursed in two tranches, with the first tranche expected to close upon meeting standard conditions.

DigiPlus intends to use internal funds for the acquisition but remains open to short-term financing if needed.

The company anticipates completing the arrangement within eight to nine weeks, pending IEC shareholder approval and regulatory clearances from Hong Kong authorities.

DigiPlus Chairman Eusebio H. Tanco highlighted that this expansion aligns with the company's long-term vision of creating an integrated entertainment ecosystem.