Biggest Pagcor E-Games operator mulls IPO

MANILA, Philippines - The biggest operator of Philippine Amusement and Gaming Corp. (Pagcor) E-Games stations plans to go public in the second half of the year.

In a disclosure, Premiere Horizon Alliance Corp. said its board of directors “approved the undertaking to conduct an initial public offering of the shares of its subsidiary Digiwave Solutions Inc. in the third quarter.”

Digiwave Solutions is the current market leader in the operations of Pagcor E-Games stations with 30 outlets, Premiere Horizon said.

The public share sale will complement the recently-concluded private placement of Digiwave Solutions that sold P54.84 million worth of shares.

Premiere Horizon owns 85 percent of Digiwave Solutions following the private placement.

Founded in 2006, Digiwave Solution’s goal is to establish itself as the market leader in Internet gaming software in the Philippines and eventually compete in the international arena anchored on its proven expertise, experience and innovations in interactive gaming and entertainment.

It is also into boutique service residences through Y2 Residence Hotel in Makati and mining via a partnership with Asian Alliance Investment Corp. and Palawan Alpha South Resource Development Corp.

Premiere Horizon, formerly Premiere Entertainment Productions Inc., was incorporated in 1988 as a foreign movie production company. In 1993, it introduced the Roving Cinema, a theater-cum-advertising van showcasing movies, television programs or documentaries interspersed with advertisements between gaps.

Premiere Horizon acquired Digiwave Solutions through a share-swap transaction in 2009.