Pacific Online Systems Cancels 37.5% Acquisition of HHR Philippines

MT Newswires Live02-12 15:28

Pacific Online Systems (PSE:LOTO) agreed to cancel its planned 37.5% investment in HHR Philippines, following government restrictions on online betting platforms.

A private third-party investor will assume LOTO's rights and obligations in HHRPI, and LOTO will cease to be a shareholder once regulatory requirements are met, according to a Thursday Philippines Exchange filing.

The move is not expected to materially affect its financials, as HHR Philippines is still in the early stages of operations, it said.

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