DigiPlus Interactive Corp. is set to acquire a controlling economic stake in International Entertainment Corp. (IEC), which operates the New Coast Hotel Manila, an integrated hotel and casino complex, through a HK$1.6 billion (about P12 billion) convertible notes subscription.
The acquisition, announced Tuesday in a stock exchange disclosure, aims to expand DigiPlus’ offline footprint and reinforce its entertainment ecosystem by linking physical operations with its digital platforms.
IEC, listed on the Hong Kong Stock Exchange, owns the New Coast Hotel Manila, a facility licensed by the Philippine Amusement and Gaming Corp.
The subscription involves the issuance of convertible notes in two tranches. The first tranche, valued at HK$800 million, will be completed after customary conditions are met, and the second tranche, also HK$800 million, will follow within three months of the first, subject to mutually agreed terms.
DigiPlus has the option to convert the notes at an initial price of HK$1 per share. If exercised, the conversion would give the company about 53.89 percent of IEC’s outstanding shares. The notes carry a 3 percent annual interest rate and are redeemable at 108 percent at the end of five years if DigiPlus chooses not to convert.
The deal will allow DigiPlus to integrate IEC’s hospitality and gaming operations with its own digital entertainment network.
“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,” said DigiPlus chairman Eusebio Tanco.
“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,” said Tanco.
New Coast Hotel Manila, previously New World Hotel Manila, is a five-star property located along Roxas Boulevard. It features 203 guest rooms, 96 gaming tables, 495 slot machines and other gaming amenities. The complex is currently undergoing renovation, with the casino expected to be completed in January 2026 and the hotel by the third quarter of 2026.
The transaction is subject to approval by IEC shareholders at an extraordinary general meeting and clearances from the Securities and Futures Commission of Hong Kong and the Hong Kong Stock Exchange. Conversion of the notes also requires approval from the Philippine Competition Commission.
