LRWC to put share funds towards online platform

LRWC has announced it will use the funds from its latest share issuance to develop its online platform.

The Philippines.- Leisure & Resorts World Corp (LRWC) has revealed that it will use some of the money from its latest share issuance to continue developing its online platform. The funds will also be used to finance operational and capital expenditures and to lower the company’s overall debts by paying off some loans.

LRWC announced an issuance of 1.27 billion common shares at an issue price of Php1.65 per share yesterday. The company hopes to raise PHP2.10bn (US$40.3m).

In January, the company launched the first online bingo offering in the Philippines. LRWC said that online bingo games are expected to become one of the company’s main revenue sources in the future. The company also plans to expand the Online Traditional Bingo live service at other traditional bingo sites across the country.