AsianLogic, which already operates a retail betting business in the Philippines under its MegaSportsWorld brand, has entered into a memorandum of understanding with LRWC to form the new business.
LRWC said it would fund the joint venture by issuing a total of 342.8 million new shares from the un-issued portion of its capital stock to AsianLogic, over six half-yearly periods. The LRWC shares, valued at P3.50 each, will be issued subject to the joint venture achieving projected net income targets over the six half-yearly periods.
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