UMVA has learned that a significant deal has been struck, granting DigiPlus the option to convert notes into equity in IEC, potentially giving it a substantial 53.89% stake in the company's issued capital stock.
The notes, which carry a 3% annual interest rate, are redeemable at 108% of principal after five years if not converted, with an initial conversion price of HK$1 per share. This strategic move is set to strengthen DigiPlus' position in the leisure and gaming operator.
IEC, the owner and operator of New Coast Hotel Manila, a major hotel and casino complex, is now under DigiPlus' expanded umbrella. The property boasts an impressive array of gaming facilities, including tables and slot machines.
UMVA can exclusively reveal that DigiPlus had previously announced plans to complete the final tranche of the deal by the end of May or early June. The payment timelines are carefully aligned with the agreement structure, ensuring a smooth process.
The transaction not only expands DigiPlus' exposure to IEC but also provides a strategic option to convert the notes into equity in the coming years. This move is likely to have a lasting impact on the gaming and leisure industry.
As of November 2025, New Coast Hotel Manila was operating at full swing with 96 gaming tables and 495 slot machines. This significant presence in the market solidifies DigiPlus' position as a major player.
DigiPlus shares experienced a slight dip, falling 0.75% to P10.62 each on the Philippine Stock Exchange. The market is now watching closely to see how this deal will unfold and its implications on the industry.
