DIGIPLUS Interactive Corp. has accomplished the second tranche of its subscription to convertible notes issued by International Entertainment Corp. (IEC), finalizing the transaction in any case conditions under the agreement were satisfied.
In a stock exchange filing on Thursday, DigiPlus said IEC confirmed that every one conditions precedent for the second tranche had been met, allowing the deal to shut on June 3.
The completion follows the primary tranche, which closed on March 3 and involved HK$800 million (P6.3 billion) of convertible notes issued to DigiPlus.
The investment forms a part of a broader HK$1.6-billion agreement signed last 12 months, under which DigiPlus committed to subscribe to IEC-issued convertible notes in two tranches.
Under the deal, DigiPlus has the choice to convert the notes into equity, which could give it about 53.89% of IEC’s issued capital stock based on an initial conversion price of HK$1 per share. The notes carry a 3% annual rate of interest and are redeemable at 108% of principal after five years if not converted.
IEC owns and operates Recent Coast Hotel Manila, an integrated hotel and casino complex formerly generally known as Recent World Hotel Manila. The property includes gaming tables, slot machines and other gaming facilities.
DigiPlus earlier said it expected to finish the ultimate tranche by end-May or early June, with former President Andy Tsui noting in March that payment timelines were aligned with the agreement structure.
The transaction expands DigiPlus’ exposure to IEC and strengthens its position within the leisure and gaming operator, while retaining the choice to convert the notes into equity in the approaching years.
As of November 2025, Recent Coast Hotel Manila operated 96 gaming tables and 495 slot machines.
DigiPlus shares fell 0.75% to P10.62 each on the Philippine Stock Exchange. — Alexandria Grace C. Magno