On March 30, the parties closed the transaction contemplated under the agreement to transfer select E-Games’ game titles and assets to LUI. In exchange, E-Games will receive an equity stake in LUI and a cash consideration. The transaction has been unanimously approved by the stockholders of the Company during the Special Stockholders Meeting held on March 22, 2012. In relation to the transaction, the Board of Directors also approved the subscription of E-Games to shares in LUI.
Combining the gaming businesses of both E-Games and LUI will result in the largest gaming business in the Philippines with over 37 million registered users and over 5 million active users per month.
Well-known and very successfully published games from the parties include: RAN Online, CABAL Online, Ragnarok Online, ROHAN Online, Grand Chase Online and the newly launched Bounty Hounds Online.
The transaction is expected to transform the landscape of the Philippine online gaming industry. Both parties anticipate that the transaction will generate improved earnings for the combined business in the short and long term.
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