LRWC eyes P1.85 billion from private placement
MANILA, Philippines — Leisure & Resorts World Corp. (LRWC), a listed gaming and leisure company, is targeting to raise up to P1.85 billion through a private placement.
It has obtained the approval of its stockholders for the issuance of 691.2 million common shares for a new round of private placement.
The approved subscription amount is P1.70 per share or a five percent premium over its 30-trading day volume weighted average price (VWAP) per share, whichever is higher.
Proceeds will be used to further strengthen LRWC’s technological platforms, to develop better products and services, and to support the expansion of the company’s businesses.
In the third quarter, LRWC posted a net income of P429 million, a reversal of the P107 million loss incurred in same period last year. Revenues jumped by 491 percent to P2.9 billion, largely driven by bingo games, electronic games, and the casino businesses of the company.
LRWC said it would continue to build on that momentum and invest heavily on technology and new products to support future growth opportunities.
“We will continue to strive for improvement and maximize returns for our stakeholders,” said LRWC president Andy Tsui.
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