IEC shareholders to vote on DigiPlus takeover, grant of Whitewash Waiver on 26 February
Summary
Hong Kong-listed International Entertainment Corp (IEC), owner of New Coast Hotel Manila, has called an Extraordinary General Meeting for 26 February 2026 so shareholders can vote on a proposed subscription of HK$1.6 billion in convertible notes by Philippines gaming-tech firm DigiPlus and on seeking a Whitewash Waiver.
If the notes are fully converted, DigiPlus would hold about 53.89% of IEC on an enlarged share base, effectively becoming the controlling stakeholder. Full conversion would normally trigger a mandatory general offer, which is why IEC is seeking a Whitewash Waiver; without it, DigiPlus may choose not to proceed with the subscription.
Key Points
- EGM set for 26 February 2026 to vote on HK$1.6 billion convertible notes to DigiPlus and on a Whitewash Waiver.
- Full conversion would give DigiPlus a 53.89% controlling stake in IEC (based on the enlarged share capital).
- A Whitewash Waiver is needed to avoid a mandatory general offer; if not granted, DigiPlus can decide whether to continue with the deal.
- IEC plans to use proceeds to transform New Coast Hotel Manila into a large integrated resort (PAGCOR provisional licence), and to repay HK$489m in promissory notes and HK$392m in bank loans.
- IEC says the five-year notes will strengthen liquidity and broaden the shareholder base; DigiPlus says the move links its online ecosystem to a strategic offline platform.
Context and relevance
This is a significant corporate development for the Philippine land‑based gaming sector. The vote will determine whether a digital gaming technology player becomes the majority owner of a company that is planning a major integrated resort project in Manila.
For stakeholders in Asian gaming — investors, operators, suppliers and regulators — the result will influence ownership structure, funding availability and the pace of the New Coast Hotel Manila redevelopment (which IEC has said could involve at least US$1 billion of investment and large-scale hotel, retail and casino facilities).
Why should I read this?
Short version: big money, big potential shake-up. If you follow Asian gaming investment or Philippine integrated-resort projects, this vote could change who calls the shots at New Coast and how quickly its redevelopment moves ahead. The Whitewash Waiver is the hinge — if it’s refused, the deal could fall apart.
Author style
Punchy: This isn’t background noise. A controlling stake, HK$1.6bn in convertible paper and a planned US$1bn-plus resort refit make this a story with real industry impact — worth digging into if you care about capital flows and ownership in the region’s casino sector.