n a disclosure to the Philippine Stock Exchange, LRWC stated that its board had approved a deal to form of a local company with AsianLogic engaged in a land-based sportsbook or sportsbetting operation.
LRWC revealed that it would acquire a stake in the new enterprise by issuing 342.86 million new shares over six semi-annual periods as payment. The issuance of shares will be subject to the joint venture attaining projected net income targets over the same period.
“This will technically bring LRWC to doing gaming in the region,” said Alfredo Benitez, President of the company. “This group has a presence in Macau, China and other countries in the region,” said Alfredo Reyes, Investor Relations Officer for LRWC. “We are interested in this partnership and it will open up markets for the company and opportunities in the gaming industry.”
Hong Kong-based AsianLogic operates land-based sportsbetting outlets in the Philippines under the Mega Sports World brand while LRWC owns bingo operator AB Leisure Exponent Incorporated along with online gaming firm First Cagayan Leisure and Resort Corporation.