Digital entertainment company DigiPlus acquiring controlling stake in New Coast Hotel Manila

In a stock exchange filing, DigiPlus said that it has signed a convertible notes agreement that grants the rights to acquire a controlling economic stake in International Entertainment Corp. (IEC), a company listed on the Stock Exchange of Hong Kong (HKEx).

Through its subsidiaries, IEC owns and operates New Coast Hotel Manila, an integrated hotel and casino complex licensed by the Philippine Amusement and Gaming Corp.

A five-star hotel located along Roxas Boulevard in Malate, New Coast Hotel Manila was formerly known as New World Hotel Manila.

The hotel-casino complex offers 203 guest rooms and operates 96 gaming tables, 495 slot machines, and a range of other gaming amenities.

The complex is currently under renovation, with the casino expected to be completed by January 2026 and the hotel by the third quarter of 2026.

DigiPlus, the listed company behind BingoPlus, ArenaPlus and GameZone, said the potential acquisition allows the company to optimize its group structure by combining its leadership in digital entertainment and technology with IEC’s expertise in hospitality and gaming management.

The subscription to convertible notes, amounting to HK$1.6 billion or about P12 billion, will be issued in two tranches.

The first tranche, amounting to HK$800 million, will be completed upon satisfaction of customary conditions, while the remainder will comprise the second tranche.

The second tranche will follow within three months of the first completion, subject to mutually agreed terms between the parties.

DigiPlus said that it has the option to convert the notes, and should the company exercise this option, it will hold approximately 53.89 percent of IEC’s issued capital stock.

The notes carry an interest rate of three percent per annum.

However, if DigiPlus chooses not to convert, the notes will instead be redeemable at 108 percent at the end of their five-year maturity.

“This move marks a defining step toward DigiPlus’ long-term goal to create the most innovative and enjoyable experiences through an entertainment ecosystem, powered by cutting-edge technology and localized products for different cultures,” DigiPlus chairman Eusebio Tanco said.

“Through this transaction, we are expanding our omnipresent ecosystem – bridging digital innovation with real-world experiences – to create a new era of entertainment that is engaging, responsible, and globally competitive,” he said.

DigiPlus stated that the transaction is subject to approval by IEC shareholders at an extraordinary general meeting to be held after the convertible notes subscription agreement is executed and clearance is obtained from the Securities and Futures Commission of Hong Kong and the HKEx.The conversion of the convertible notes, meanwhile, is subject to the approval of the Philippine Competition Commission.DigiPlus said that the acquisition underscores its commitment to delivering sustainable growth and long-term shareholder value through the convergence of technology, entertainment, and hospitality.

Last August, DigiPlus was included in the Philippine Stock Exchange index, which tracks the 30 largest and most actively traded companies listed on the exchange.

The inclusion was based on the company’s market capitalization, liquidity, and compliance with the PSE’s index eligibility criteria.