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Gaming firm plans IPO

/ 01:06 PM February 05, 2014

Screen grab from http://www.pepinc.ph

MANILA, Philippines—Digiwave Solutions Inc. (DSI), a unit of gaming company Premiere Horizon Alliance Corp., is being groomed to go public by the third quarter of this year.

In a disclosure to the Philippine Stock Exchange on Wednesday, PHA said its board of directors had approved an initial public offering to be undertaken by DSI, the current market leader in the operation of Pagcor (Philippine Amusement & Gaming Corp.) e-games stations with 30 outlets.

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The disclosure said the IPO was “in consonance” with its already completed private placement in DSI amounting to P54.84 million and equivalent to 24.375 million shares at P2.25 per share. This placement puts Premiere in control of 85 percent of DSI stock.

Pagcor’s e-games offer hundreds of casino games, including Baccarat, Blackjack, various Slots games, Video Poker and other specialty games, on a single terminal, which makes switching games fast and easy. These e-game outlets are open 24/7.

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DSI’s parent firm PHA, formerly Premiere Entertainment Productions Inc., was the first publicly listed company to engage in the production of motion pictures. It went public in 1997, which was also the period when it ventured into the gaming industry, as part of its entertainment offer. PHA continues to offer broadcast rights for its film library titles for television, video, cable and other media requiring such titles.

PHA acquired IT gaming company DSI through a share swap transaction in 2009.

DSI is primarily engaged in the production, development, wholesale and distribution of computer software intended for gaming and production, importation or exportation for sale on wholesale basis of computer parts, peripherals, other external devices and communication devices.

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TAGS: Business, Digiwave Solutions Inc., News, Pagcor, Premiere Horizon Alliance Corp.
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