AsianLogic On The Move Again
Published: Monday, June 23, 2008 Online-Casinos.com
ASIANLOGIC ON THE MOVE AGAIN
New joint venture with Philippines company announced
According to Philippines Stock Exchange disclosures this week, the dynamic Playtech associate and London-listed Asianlogic group is active in the region, signing a new joint venture deal with the Philippines gaming company Leisure and Resorts World Corp. (LRWC).
The agreement with Asianlogic will lead to the formation of a local company to be engaged in a land-based sportsbook operation, in which LRWC will acquire a stake by issuing 342.86 million new shares at P3.50 each over six semi-annual periods as payment.
The issue of LRWC shares will be subject to the joint venture's attaining projected net income targets over the six periods, and the deal will be submitted to shareholders in September for approval.
LRWC president Alfredo Benitez said that the deal would involve the company in gaming in the region and represents a 41-percent premium over LRWC's last traded price of P2.48 a share.
"This [Asianlogic] group has a presence in Macau, China, and other countries in the region," said LRWC investor relations chief Alfredo Reyes. "We are interested in this partnership and it will open up markets for the company and opportunities in the gaming industry."
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. The firm operates land-based sportsbetting outlets in the Philippines under its "MegaSportsWorld" brand.
LRWC owns bingo operator AB Leisure Exponent Inc. and the Internet gaming firm First Cagayan Leisure and Resort Corp.
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