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LONDON-LISTED ONLINE casino firm Asianlogic Ltd. is planning a joint venture with local gaming company Leisure and Resorts World Corp.
(LRWC).

In a disclosure to the Philippine Stock Exchange, LRWC said its board approved a resolution authorizing the company to enter into a memorandum of agreement with Asianlogic on the formation of a local company to be engaged in a land-based sports book or sports betting operation.

LRWC will acquire a stake in the new firm by issuing 342.86 million new shares at P3.50 each over six semiannual periods as payment.

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

LRWC’s board will submit the MOA to shareholders for approval at its annual stockholders’ meeting on Sept. 19.

The board also authorized company president Alfredo Benitez to sign the MOA in behalf of the corporation.

“This will technically bring LRWC to doing gaming in the region,” Benitez said.

The proposed acquisition represents a 41-percent premium over LRWC’s last traded price of P2.48 a share.

“This group has a presence in Macau, China, and other countries in the region. We are interested in this partnership and it will open up markets for the company and opportunities in the gaming industry,” LRWC investor relations head Alfredo Reyes said.

Asianlogic is listed on the London Alternative Investment Market and is an active participant in the online and land-based gaming industry with a particular focus on the Asia-Pacific markets. Asianlogic is involved in the development, operation, management and marketing of online casinos, online poker, online and land-based sports-betting, land-based slot machine and server-based gaming, including live video stream casino gaming across the region.

Asianlogic operates land-based sports betting outlets in the Philippines under its “MegaSportsWorld” brand.

LRWC, on the other hand, owns bingo operator AB Leisure Exponent Inc. and Internet gaming firm First Cagayan Leisure and Resort Corp.

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• RP takes step closer to setting up credit bureau
• Pre-need sales down 21.8%
• Landbank seeks control of Picop

• (UPDATE) Central bank hikes interest rates by 25 bps
• (UPDATE 2) Q2 growth slows to 4.6%
• (UPDATE) PSE to extend trading by two hours in 2009
• August inflation seen at 11.8-12.6%
• Mining investments reach over $200 million in Q2
• Peso rebounds against dollar
• Stock market seen taking a beating in 4th quarter
• Gov’t paid P406.8B in debts in first 7 months
• Steel Corp., BDO tussle over debt, rehab plan
• Alliance Global buying back P5B worth of shares
• MPIC signs deal on purchase of NLEx firm
• Philippines talks investment with Brunei, Kuwait