Operator of Pagcor casino outlets plans IPO
MANILA, Philippines – Digiwave Solutions Inc., a unit of gaming company Premiere Horizon Alliance (PHA), will offer shares to the public by the 3rd quarter.
PHA announced in a disclosure to the Philippine Stock Exchange on Wednesday, February 5 that its board of directors approved Digiwave's planned initial public offering (IPO).
Digiwave is the market leader in the operation of Philippine Amusement and Gaming Corporation's E-Games, with 30 outlets. E-Games outlets offer hundreds of casino games such as Baccarat, Blackjack, slot games, and video poker.
"The undertaking is in consonance with the already completed private placement of Digiwave amounting to P54,843,000 which is equivalent to 24,375,000 shares at P2.25 per share," said PHA.
The private placement brought PHA's stake in Digiwave to 85%.
PHA was established in 1988 as a foreign movie production company. It listed its shares on PSE in 1997, the same time it started to venture into the gaming industry. The company acquired Digiwave through a share swap transaction in 2009. – Rappler.com