INT'L ENT issues HK$1.6bn in convertible notes to fund expansion

International Entertainment Corporation (INT'L ENT) announced on November 17, 2025, a Subscription Agreement to issue up to HK$1.6 billion in convertible notes to DigiPlus Interactive Corp., a Philippines-based digital entertainment group. The initial conversion price for the notes is HK$1.00 per share, potentially leading to the issuance of 1.6 billion conversion shares, representing about 53.89% of INT'L ENT's enlarged share capital.

The net proceeds, estimated at HK$1.598 billion, will be strategically allocated. HK$489.22 million (30.61%) will repay Promissory Notes, while HK$392.39 million (24.56%) is earmarked for secured bank borrowing repayment. The remaining funds will support investment commitments (HK$556.39 million or 34.82%) and general working capital (HK$160 million or 10.01%).

The transaction requires shareholder approval, including a whitewash waiver application, as the conversion could trigger a mandatory general offer. The subscriber, a leader in the Philippine digital entertainment industry with a market capitalization of HK$15.85 billion, seeks to expand into the casino and gaming sector.