International Entertainment completes second $102M DigiPlus convertible notes tranche
What's the deal? International Entertainment Corporation completed the second tranche of its convertible notes agreement with DigiPlus Interactive Corp.Dealroom has a profile for this one. Try Dealroom → on June 2, issuing US$96.7M in notes. The move closes out a broader US$193.4M deal struck in November 2025.
The first US$96.7M tranche was completed on March 3, 2026. International Entertainment said it used all net proceeds from that tranche to repay promissory notes and secured bank borrowing.
After deducting costs of about US$241.8K, net proceeds from both tranches were estimated at roughly US$192.2M. The convertible notes carry an initial conversion price of US$0.12 per share.
Why now? The company said all conditions precedent for the second completion had been fulfilled, triggering the closing. The deal follows a structured timeline laid out in the original November 2025 agreement.
What could go wrong? DigiPlusDealroom has a profile for this one. Try Dealroom → has not yet exercised its conversion rights on the first tranche of notes. But if it converts all notes at the initial price, it would hold 1.6 billion shares — roughly 53.89% of International Entertainment's enlarged share capital.
That would significantly dilute existing shareholders. Excite Opportunity Fund L.P., linked to International Entertainment's chairman and chief executive Ho Wong Meng, would see its stake drop from 18.99% to 8.76%. Eriska Investment Fund Ltd.'s holding would fall from 9.63% to 4.44%, and other public shareholders would decline from 71.38% to 32.91%.
The signal: The deal underscores DigiPlus InteractiveDealroom has a profile for this one. Try Dealroom →'s appetite for expanding its footprint in Asian gaming through strategic financial instruments rather than outright acquisitions. If conversion happens, DigiPlus would become International Entertainment's majority shareholder — a significant shift in control for the Hong Kong-listed company that could reshape its strategic direction in the region's competitive gaming market.
Read more: AGB
