LOTO forks out P150M for 37.5% HHRPI stake
The investment, according to LOTO, which manages the country’s online lottery system, will fund HHRPI’s expansion while strengthening its presence in digital gaming
The investment, according to LOTO, which manages the country’s online lottery system, will fund HHRPI’s expansion while strengthening its presence in digital gaming
Listed Pacific Online Systems Corp. (LOTO), led by businessman Willy Ocier, is investing P150 million in HHR Philippines Inc. (HHRPI) for a 37.5 percent stake in the online gaming operator.
In a stock exchange filing on Thursday, LOTO, which manages the country’s online lottery system, said the investment will fund HHRPI’s expansion while strengthening its presence in digital gaming.
HHRPI, led by entrepreneur Tony Manguiat, provides software and services for electronic gaming platforms catering to land-based and online operators.
It is licensed by the Philippine Amusement and Gaming Corp. (PAGCOR) and operates the online gaming brand “Buenas.”
Under the agreement, Pacific Online will subscribe to 81,000 common shares of HHRPI. The transaction price accounts for HHRPI’s startup and pre-operating costs, along with a negotiated premium.
Pacific Online said the investment will support HHRPI’s growth and enhance its gaming platforms as it expands its presence in the online gaming sector.
