MANILA, Philippines—Publicly listed gaming firm Leisure and Resorts World Corp. said it would sell 37 million shares of its stock to London-listed online casino firm Asianlogic Ltd. for P114.7 million

It told the Philippine Stock Exchange that its board had authorized issuance of new shares at P3.10 a piece.

The agreed price is 11.4 percent lower than the P3.50 a share specified in an earlier agreement between the two companies.

Leisure and Resorts said the proceeds of the sale of the new shares, equivalent to about 4.57 percent of its new total issued and outstanding stock, would be used for expansion projects of its subsidiaries and for new gaming business ventures.

The company said its board had authorized the formation of a Philippine sports betting operation in cooperation with Asianlogic.

Asianlogic, listed on the London Alternative Investment Market, is engaged in development, operation, management and marketing of online casinos and online poker.

Leisure and Resorts said it would acquire a stake in the new sports betting operation by issuing 342.86 million new shares at P3.50 each over six semiannual periods as payment.

The issuance of shares will be subject to the joint venture’s attaining projected net income targets over the six semiannual periods.

The Leisure and Resorts board will submit the memorandum of agreement to shareholders for approval at their annual meeting on Sept. 19. With editing by INQUIRER.net