DigiPlus Interactive Corp. has moved closer to sealing its P12 billion investment in Hong Kong-listed International Entertainment Corp. after IEC shareholders approved the subscription agreement and related whitewash waiver in a special meeting on February 26.
The approval clears a major condition tied to DigiPlus’ planned subscription to convertible notes to be issued by IEC, which operates an integrated resort and casino complex in Manila.
DigiPlus signed the subscription deal on November 17, 2025, marking a strategic offshore expansion for the Philippine gaming firm.
Under the agreement, IEC will issue convertible notes in two tranches of HK 800 million each. The notes may be converted at an initial price of HK 1 per share, potentially giving DigiPlus a 53.89 percent stake in IEC upon full conversion.
The whitewash waiver, granted by the Securities and Futures Commission, relieves DigiPlus of the obligation to make a mandatory general offer for all IEC shares in the event the notes are converted into equity.
The waiver was conditional on approval by IEC’s independent shareholders and on DigiPlus and its concert parties refraining from acquiring or disposing of voting rights in IEC between November 17, and completion of the subscription.
The transaction positions DigiPlus for a controlling stake in a listed gaming operator with Philippine exposure, broadening its regional footprint while leveraging Manila’s resilient gaming market.
Completion of the deal remains subject to fulfillment of final conditions, but Thursday’s vote marks a decisive step in DigiPlus’ cross-border expansion play.
