Century Entertainment International Holdings Limited, a Hong Kong-listed company, announced on July 10 that it has officially entered into a joint venture agreement with World Platinum Technologies Inc (WPT), a gaming system provider based in the Philippines. The partnership aims to develop electronic gaming system platforms and content in the Asia-Pacific region.
WPT is a gaming content provider registered in the Philippines and licensed by PAGCOR. According to the agreement, the joint venture will be established in Hong Kong, with Century Entertainment holding a 51% stake and the majority of the board seats, thus controlling the venture. This move is seen as a key strategic step for Century Entertainment's diversification into the Asia-Pacific gaming market.
As part of the transaction, Century Entertainment will issue 12,824,756 new shares to WPT at a price of HK$0.62 per share, representing 10% of the current total share capital, at a discount of 13.9% from the price before the suspension. WPT, in return, grants non-exclusive rights to use, distribute, and re-license its gaming systems.
If the joint venture achieves the set revenue targets within 15 months, Century Entertainment will issue an equal number of new shares to WPT, increasing WPT's stake to 16.7%. This partnership not only provides Century Entertainment with advanced platform technology but also marks its official foray into the Southeast Asian and broader Asia-Pacific gaming markets. The market interprets this as the company accelerating its layout for future growth engines.
