DigiPlus Interactive Corp. has entered a convertible notes agreement that gives the company the right to obtain a controlling economic stake in International Entertainment Corporation (IEC), the Hong Kong listed parent company of New Coast Hotel Manila.
The agreement was announced by DigiPlus and marks a strategic step in the company's expansion into offline entertainment infrastructure.
IEC operates the five-star New Coast Hotel Manila, an integrated hotel and casino complex licensed by the Philippine Amusement and Gaming Corporation. DigiPlus stated that the potential acquisition would support the enhancement of its entertainment ecosystem by linking physical venues with its digital platforms to improve customer experience and engagement.
New Coast Hotel Manila offers 203 guest rooms, 96 gaming tables and 495 slot machines. The complex is undergoing renovation, with the casino targeted for completion in January 2026 and the hotel in the third quarter of 2026.
The first tranche of HK$800m will be completed once standard conditions are met. The second tranche is expected within three months, subject to mutually agreed terms.
DigiPlus has the option to convert the notes at an initial price of HK$1.00 per share, which would give the company 53.89% of IEC's issued capital. The notes carry a 3% annual interest rate and are redeemable at 108% at the end of their five-year maturity if DigiPlus chooses not to convert.
The transaction is subject to approval from IEC shareholders at an Extraordinary General Meeting and to regulatory clearance from authorities in Hong Kong and the Philippines. DigiPlus stated that the potential acquisition supports long-term growth through the integration of technology, entertainment and hospitality.
The convertible notes amount to HK$1.6bn, equivalent to PHP 12bn (US$204m) and they will be issued in two tranches