International Entertainment Corporation has announced plans to commence an online gaming business in the Philippines, following the grant of an Electronic Games Operator license to its subsidiary, NCLI, in February 2025.
The license authorizes the group to operate electronic gaming activities within the Philippines. Since receiving approval, the company has conducted feasibility studies and explored potential investment opportunities in the online gaming sector.
It has recently identified a potential target and is currently negotiating with a prospective online gaming operator. As of the announcement date, no binding memorandum of understanding or formal agreement has been executed.
To comply with Hong Kong Exchange guidance requirements, the group has engaged a Philippine legal adviser to confirm that the proposed online gaming operations meet all applicable local laws. A legal opinion is currently being prepared.
In parallel, the company has appointed an internal control adviser, a reputable international audit firm, to assess the adequacy and effectiveness of internal control measures, including anti-money laundering and crime prevention policies specific to the proposed online gaming operations.
An independent review of internal controls will also be arranged to ensure regulatory compliance and operational integrity.
The company noted that under Hong Kong listing guidance, failure to comply with applicable laws in the jurisdictions where gambling activities are conducted, or breaches of Hong Kong’s Gambling Ordinance, could affect its suitability for listing and may result in regulatory action.
International Entertainment stated that it will continue to comply with all relevant laws and listing rules and will provide further updates as required. Shareholders have been advised to exercise caution when trading the company’s securities.
No binding agreement has been signed and regulatory compliance reviews remain ongoing
