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Sunday, May 19, 2024

LRWC sets share sale subscription price at P2.68 apiece

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Gaming firm Leisure & Resorts World Corp. said Tuesday it set at P2.68 per share the subscription price of its upcoming share sale via private placement.

LRWC disclosed to the stock exchange it will raise as much as P1.85 billion in fresh capital from the sale of 691,200 million common shares.

The company said the P2.68 subscription price offers five percent premium over the stock’s 30-day volume weighted average price.

It plans to use the proceeds from this deal to further strengthen its technological platforms, to develop better products and services, and to support the expansion of the company’s businesses.

LRWC announced plans to sell 691,200 million shares at P1.70 apiece in November.

The company’s stock price has go up significantly since then following the launch of its launch of BingoPlus, an online betting platform that allows user to place wagers for as low as P5 to win jackpot prices worth millions of pesos.

LRWC president Andy Tsui said the company will continue to build on that momentum and invest heavily on technology and new products to support future growth opportunities.

LRWC reported total revenues of P2.9 billion in the third quarter, up 491 percent compared to 2021’s P486 million. The increase was mainly from bingo games, electronic games, and the casino businesses of the company.

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