Category: Investments

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Banking – ASB half year result: Supporting our customers for long-term prosperity

Source: ASB

ASB has reported a cash net profit after tax (NPAT) of $719 million for the six months to 31 December 2025, up 1% on the prior comparative period.  Statutory NPAT was $765 million.

Since December 2024, home lending has grown 8%, while business and rural lending grew by 4%.  Total customer deposits increased by 5%.

Net customer margins remain flat, reflecting higher home lending margins and lower deposit margins.  Net Interest Margin (NIM) was up 6 basis points driven by higher earnings due to timing effects from interest rate hedges.

ASB KiwiSaver Scheme funds under management grew by more than $1.7 billion to more than $20.6 billion, thanks to continued strong returns to customers and top quartile performing funds.[1]  Collectively, ASB Group Investments manages more than $31 billion for investors across its range of five products.

Operating expenses were $839 million, an increase of 21% largely driven by the settlement of the Credit Contracts and Consumer Finance Act 2003 class action proceedings, and investments in people, technology modernisation, digital experience and regulatory compliance.

Chief Executive Vittoria Shortt says “While the geopolitical outlook remains uncertain, we are seeing more confidence in the economy, supported by lower interest rates and good export earnings in key sectors.  This is evident in the uptick we’ve seen in business lending, with more lending growth across small business, commercial and rural this half than in the previous financial year.

“We remain well positioned to support our personal and business customers as they continue to tackle higher costs, navigate volatility or transition to growth.”

Investing in our customer experience

“We continue to make significant investments so customers choosing to bank with ASB have a simple and modern experience, where they feel informed and confident about making important financial decisions and safer knowing we actively seek to protect them from fraud and scams.

“Through our technology modernisation we are simplifying the way we work and the services we provide, removing overlap and complexity and offering products that might better suit our customers’ changing needs.

“We have a focus on service excellence and meeting customers’ expectations of faster and simpler processes, with quicker decisions on their home loan applications.  Building on our capability for single home loan applications to be started digitally through the ASB Mobile App, in November we extended this functionality to include joint home loan applications.  Customers can track the progress of their application and view indicative pricing in the ASB Mobile App, so they remain informed at every step.”

Further customer protections

“Fraud and scams remain an issue for New Zealand, and we continue to seek to make banking with us safer with enhanced customer protections against economic crime.

“We are now able to share data between banks related to digital fraud and money mule activity through the Fraud Reporting Exchange and New Zealand Data Exchange.  We remain available to assist customers 24/7 on our 0800 ASB FRAUD line.”

 Investing in New Zealand

“While we’ve seen business lending growth pick up, with increases across agricultural and property lending, for long-term prosperity New Zealand needs to become more productive.

“We are backing business customers to boost their productivity using artificial intelligence and technology in partnership with the New Zealand Product Accelerator and universities.  Following a successful pilot, the programme is being scaled up this year to match up to 100 ASB business customers with AI, business analytics and data science masters’ students to work on their business.

“We are continuing to show up for rural New Zealand with offerings to help with transformation and succession through our Every Hectare Matters programme, and reduce costs with ASB’s Smart Solar 0% lending to assist the switch to renewable, resilient energy.  We are supporting the future of the dairy industry and empowering the next generation of farmers towards the goal of farm ownership with financial support and expertise in partnership with the New Zealand Dairy Industry Awards and Fonterra.

“These initiatives are highly valued by the rural sector, as a result we have grown our rural lending more than any other bank in the 12-months to September 2025.[2]

“Long-term prosperity also requires that we have enough housing to support our growing population and easier access to more affordable housing solutions.  We have doubled our commitment to $1 billion to accelerate the development of social and affordable housing and the long-term delivery of thousands of new homes.  To date we have committed $517 million for social and affordable housing, and this half we committed nearly $50 million to a Māori social housing provider in Tāmaki Makaurau to deliver more than 150 homes.”

Saving for the future

“Regular savings provide a pathway to long-term financial wellbeing and broader economic resilience for Aotearoa.

“We have put a lot of effort into the ASB Investment Funds and the ASB KiwiSaver Scheme so we can offer competitive investment options for customers.  We have multiple top performing KiwiSaver funds with low fees, and this is a powerful combination that can make a big difference for our nearly half a million ASB KiwiSaver Scheme members who stand to benefit when purchasing a first home and/or in retirement.

“We remain focused on how we can help tamariki build financial literacy and early savings habits.  In November, we reintroduced our Kashin moneybox to celebrate ASB’s 150 years of supporting Kiwi kids to get one step ahead with money.  We’ve seen a notable increase in the opening of new Headstart accounts, helping children to start their savings journey.  We continue to support the delivery of financial education nationwide with nearly 45,000 students participating this half in our GetWise and Tikitiki o Pūtea programmes in schools.”

 

[1] ASB KiwiSaver Scheme Conservative, Moderate, Balanced and Growth funds are in the top quartile for 12-month performance to 31 December 2025, Morningstar KiwiSaver Survey (Dec 2025).

2 RBNZ quarterly release, 12-months to September 2025.

 

Income Statement ($ millions)

 

 

 

 

 

For the half year ended 31 December

2025

2024

Dec 25 vs Dec 24 %

 

Net interest income

1,602

1,471

9

 

Other operating income

233

233

–

 

Total operating income

1,835

1,704

8

 

Operating expenses

(839)

(695)

21

 

Operating performance

996

1,009

(1)

 

Loan impairment expense

(3)

(17)

(82)

 

Net profit before tax

993

992

–

 

Corporate tax expense

(274)

(278)

(1)

 

Cash net profit after tax (“Cash profit”1)

719

714

1

 

 

 

 

 

 

Reconciliation of Cash profit to Statutory profit

 

 

 

Cash profit

719

714

1

 

Reconciling items:

 

 

 

 

Hedging and IFRS volatility2

7

(7)

large

 

Notional inter-group charges3

53

71

(25)

 

Reporting structure differences4

6

6

–

 

Tax on reconciling items

(20)

(21)

(5)

 

Net profit after tax (“Statutory profit”)

765

763

–

 

 

 

 

 

 

Performance indicators (cash basis)

 

6

 

Net interest margin (%)

2.35

2.29

6 bpts

 

Return on assets (%)

1.0

1.1

(10) bpts

 

Operating expenses to total operating income (%)

45.7

40.8

490 bpts

 

Return on average total equity (%)

12.0

12.6

(60) bpts

 

 

 

 

 

 

Statutory Balance Sheet ($ billions)

 

 

 

 

As at 31 December

2025

2024

Dec 25 vs Dec 24 %

 

Advances to customers

118.7

111.6

6

 

Total assets

139.7

131.9

6

 

Deposits and other borrowings

94.5

94.8

–

 

Total liabilities

127.4

120.5

6

 

 

 

  1. Cash profit reflects the Banking Group’s underlying operating results and excludes items that introduce volatility and/or one-off distortions which are not considered representative of ongoing financial performance. These items are calculated consistently year on year and do not discriminate between positive and negative adjustments.
  2. Hedging and IFRS volatility includes unrealised fair value gains or losses on economic hedges that do not qualify for hedge accounting and unrealised fair value gains or losses on the ineffective portion of hedges that do qualify for hedge accounting under NZ IFRS. These fair value gains or losses are excluded from Cash profit/(loss) since the asymmetric recognition of the gains or losses does not affect the performance of the Banking Group over the life of the hedge.
  3. This represents the recognition of a notional cost of capital from the ultimate parent and other allocated costs which are not included in Statutory profit. Comparative information (including the tax impact) has been restated to conform to presentation in the current period. As a result, the return on average total equity and operating expenses as a percentage of total operating income have been restated accordingly.
  4. The results of certain business units within the CBA Group are excluded from Cash profit for management reporting purposes but included in Statutory profit.

 

 

 

[1] ASB KiwiSaver Scheme Conservative, Moderate, Balanced and Growth funds are in the top quartile for 12-month performance to 31 December 2025, Morningstar KiwiSaver Survey (Dec 2025).

[2] RBNZ quarterly release, 12-months to September 2025.

MIL OSI

LiveNews: https://livenews.co.nz/2026/02/11/banking-asb-half-year-result-supporting-our-customers-for-long-term-prosperity/

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Ascott Signs Record 19,000 Units Across 102 Properties in 2025

Source: Media Outreach

Advances multi-typology brand expansion into more than 10 new cities in Asia Pacific and Europe, including lyf in Wellington and Ascott in Taipei

SINGAPORE – Media OutReach Newswire – 9 February 2026 – The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment (CLI), signed a record 19,000 units across 102 properties in 2025, marking 27% year-on-year growth in new signings. Its asset-light expansion was led by higher-fee segments such as resorts, supported by accelerating franchise momentum and strong conversion activity. Ascott entered more than 10 new cities across Asia Pacific and Europe, growing its global footprint to over 230 cities in more than 40 countries. The company now operates and has under development more than 1,000 properties[1] with over 176,000 units globally.

Ascott marked its entry into Taipei with the signing of the 185-room Ascott Nangang Taipei, located in a prime mixed-use development within Nangang Software Park, one of the city’s premier business districts. The partnership agreement was signed by Ms Jocelyn Wang, Chairman, The GAIA Hotel and Mr Kevin Goh, Chief Executive Officer, The Ascott Limited and Lodging, CapitaLand Investment.

Mr Kevin Goh, Chief Executive Officer, Ascott, said: “2025 marked a key milestone for Ascott as we accelerated asset-light signings and strengthened revenue visibility. With these new signings, we now have the embedded income to exceed our S$500 million fee target as pipeline projects turn operational. Our flex-hybrid model and multi-typology brand strategy enable us to optimise performance for property owners across market cycles, while disciplined investments in loyalty, technology and business development position us to capture growth in higher-fee segments including resorts, branded residences, MICE (Meetings, Incentives, Conventions, Exhibitions) and wellness. I thank our global teams and partners for their continued support as we advance our ambition to be the preferred hospitality company.”

Ms Serena Lim, Chief Growth Officer, Ascott, said: “As travel evolves into a lifestyle, consumers are seeking greater flexibility and choice in how they live, work and explore. Guided by insights from our owners and guests, we have pursued a deliberate growth strategy anchored in our flex-hybrid model and a differentiated suite of flexible living offerings. We are heartened by the robust growth in 2025, driven by strong owner commitment as reflected in portfolio deals across multiple brands. Approximately 30% of new signings came from existing partners expanding with us, underscoring trust in Ascott’s platform and our ability to meet diverse traveller and resident needs worldwide.”

Strategic City Expansion
In 2025, Ascott entered more than 10 new cities in Asia Pacific and Europe, including notable first properties in Wellington and Taipei, resort destinations such as Phuket, Phu Quoc and Langkawi, as well as emerging Tier-2 cities like Lucknow and Thanjavur in India.

Key milestones included the company’s expansion into New Zealand beyond its Quest franchise, with lyf making its debut in Wellington. Construction is expected to commence by the end of 2026, with the 108-room property set to transform six floors of a commercial building in the CBD, incorporating lyf’s signature social spaces and interconnected rooms for group travellers. With its strategic location in the heart of the capital’s business hub, the property embodies lyf’s experience-led social living philosophy, providing an accessible base for travellers, professionals and long-stay guests to connect with Wellington’s vibrant urban energy.

Ascott also entered Taipei, launching its flagship brand with the 185-room Ascott Nangang Taipei in Nangang Software Park, one of the city’s premier business districts. Scheduled to open in 1Q 2027, the serviced residence is part of a prime mixed-use development that also houses Taiwan Fertilizer Co., Ltd.’s headquarters and multinational companies including HP, Yahoo, Philips and Intel. It is further supported by a vibrant MICE and tourism ecosystem, with direct footbridge access to the Nangang Exhibition Centre, Taipei Nangang Exhibition Centre metro station and LaLaport shopping mall. The Nangang High Speed Rail station is also within walking distance. Designed for both short and extended stays, the property builds on Ascott’s expertise in transit oriented, mixed-use developments and supports its continued growth in the market.

Resort Portfolio Expansion
Capitalising on strong leisure travel demand, Ascott’s multi-typology brand strategy drove 15 resort signings in prime locations such as Phuket, Phu Quoc, Nha Trang and Bali, expanding its portfolio in resort destinations to over 50 properties. Notable additions include the 693-unit HARRIS Resort Cam Ranh, marking the brand’s first entry into Vietnam, alongside a 250-unit lyf and a 120-unit Somerset at Lagoon City Seville, Spain, a mixed-use development anchored by an 18,000-square-metre man-made lagoon.

In 2025, Ascott expanded its branded residences portfolio by partnering with quality developers on two new properties, adding over 1,000 units. These include the 227-unit Residences at Ascott Abov Patong Phuket (pictured), adjacent to Ascott Abov Patong Phuket Resort and just 150 metres from the iconic Patong Beach.

The company also expanded its branded residences portfolio by partnering with quality developers on two new properties, adding over 1,000 units: Residences at Ascott Abov Patong Phuket, next to Ascott Abov Patong Phuket Resort, and Oakwood Premier Branded Residences Luohu Shenzhen, co-located with Oakwood Premier Luohu Shenzhen. Leveraging its hospitality expertise and brand recognition, Ascott is well-placed to deliver lifestyle-oriented residences that meet growing demand in Asia Pacific while generating fee growth. Co-locating branded residences with its hotels enhances operational and marketing synergies, diversifies revenue streams and strengthens Ascott’s value proposition to owners and investors.

Ascott’s second branded residence project in 2025, Oakwood Premier Branded Residences Luohu Shenzhen, will feature 792 residential units in the vibrant Luohu district, sharing the same building as the 450-unit Oakwood Premier Luohu Shenzhen.

Franchise Growth Momentum
More than a quarter of the units signed in 2025 were under franchise agreements, supporting Ascott’s asset-light expansion. Franchise momentum in East Asia accelerated as the company strengthened its regional pipeline. Five Quest properties were secured in China through Ascott’s joint venture with Jin Jiang, alongside four franchise agreements to expand Citadines’ presence in the country. The largest franchise signing of the year was the 510-key Oakwood in Gangneung, South Korea, a resort-led development in Gangneung’s Cultural Olympic Special Zone with strong connectivity to Seoul, demonstrating Oakwood’s scalability in leisure and extended-stay markets.

In other regions, Ascott’s Quest franchise contributed five new signings in Australia, while franchise agreements for the Oakwood, Somerset and The Unlimited Collection brands in Europe and Africa further strengthened the company’s global footprint.

Conversions-led Growth
Over 38% of units signed in 2025 were conversions, reflecting owners’ preference for faster, lower-risk routes to market and Ascott’s ability to execute conversions efficiently across its diversified brand portfolio. Recent conversions, including Citadines Antasari Jakarta, Oakwood Bencoolen Singapore and lyf Zhangjiang Shanghai, were completed within months of signing, demonstrating Ascott’s capability to reposition assets swiftly and accelerate revenue generation for owners.

Brand Performance and Expansion
Ascott’s brands achieved milestones in scale and geographic reach in 2025. Citadines surpassed 200 properties globally with 17 new signings, boosted by its conversion-friendly positioning, while Oakwood secured 16 signings, maintaining strong owner appeal across business, leisure and extended-stay segments. Ascott’s collection brands continued their geographic expansion, with The Unlimited Collection expanding in Africa and Europe, while The Crest Collection entered the Middle East. Following the signing of The Unlimited Collection in Casablanca, Morocco, Ascott’s portfolio in the country now comprises 10 operational and pipeline properties across Casablanca, Tangier and Marrakech. This underscores Ascott’s strong momentum in Morocco, one of Africa’s most dynamic hospitality markets.

The flagship Ascott brand recorded 10 new signings, expanding its global portfolio to 87 properties including operational and pipeline assets. Notable additions include Ascott Coronation Square Johor Bahru, which secures a flagship position at the Johor-Singapore Special Economic Zone with direct connection to the upcoming Rapid Transit System Link, and Ascott Shenton Way Singapore, the brand’s third property in the city-state. Opening as a dual-format hotel and serviced residence, Ascott Shenton Way Singapore will integrate wellness-driven experiences with sustainable operations, showcasing the brand’s evolution in a prime CBD location.

[1] Includes Managed, Franchised, Leased, Owned and Other properties (including those under funds and JVs).

https://www.discoverasr.com/en
https://sg.linkedin.com/company/the-ascott-limited
https://www.facebook.com/discoverasr/
https://www.instagram.com/discoverasr/

Hashtag: #TheAscottLimited #Hospitality #Growth #NewSignings

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

LiveNews: https://livenews.co.nz/2026/02/10/ascott-signs-record-19000-units-across-102-properties-in-2025/

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LNG terminal decision: Dirty, dumb and expensive – Greenpeace

Source: Greenpeace

Greenpeace is slamming the Luxon government’s announcement it will build a liquid natural gas (LNG) import terminal, calling it a dirty, dumb and expensive decision that will leave New Zealanders subsidising more climate pollution through higher electricity bills.
The decision comes despite the expected high cost and high emission intensity of imported LNG. Building the LNG terminal is expected to cost $1 billion, while the cost of imported LNG is expected to be around twice as much per gigajoule as gas from existing onshore reserves.
“Electricity consumers will pay a Luxon Tax on their electricity bills to subsidize the fossil fuel industry,” says Greenpeace Executive Director Russel Norman.
“Instead of investing in clean energy, this Government is choosing to double down on the very fossil fuels that are driving both high power prices and extreme weather events.
“Every additional tonne of fossil fuels burned makes climate change worse. This LNG decision is yet another fossil fuel subsidy from the Luxon government that will mean more floods, storms, and climate fuelled damage.
“It makes no sense to rely on imported and expensive fossil fuels when we have abundant, cheap energy sources right here at home with wind and solar.”
A report by MBIE in 2024 found that there was no need for new fossil fuels to maintain New Zealand’s energy security out to 2050 and reported that wind and solar are the cheapest sources of new electricity generation.
Meanwhile, a 2023 Concept Consulting report found onshore gas reserves alone can supply all needs out to 2050 if Methanex, the company using between one third to a half of the country’s gas to make methanol for export, were to close, which it inevitably will as gas prices rise.
“This Government has made the energy and climate crises worse by dismantling nearly every initiative to decarbonise the energy system. They ditched the Government Investment in Decarbonising Industry fund, the NZ Battery Project, and the Gas Transition Plan.
“Businesses are closing because the Government believed its own nonsense that the oil and gas exploration ban was the cause of high electricity prices. It never was and the LNG subsidy will solve nothing,” says Dr Norman.
“They even got rid of the Climate Emergency Response Fund set up to help communities recover from climate disasters. Now, they are planning to use more public money to bankroll fossil fuels for more climate emergencies.
“The Government should be investing in cheap, renewable wind and solar, backed by more storage and demand response, not exposing the country to a volatile global LNG market and locking us into more polluting fossil fuels.”

MIL OSI

LiveNews: https://livenews.co.nz/2026/02/09/lng-terminal-decision-dirty-dumb-and-expensive-greenpeace/

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Auckland mayor Wayne Brown says government ‘unqualified’ to lead city’s economic recovery

Source: Radio New Zealand

Auckland Mayor Wayne Brown wearing a cap with the word ‘Rates’ on it. (File photo) Supplied

Auckland mayor Wayne Brown says the government is unqualified to lead the city’s economic recovery and should leave it to local council.

The comments came as Brown again renewed calls for a bed levy tax, despite the government’s opposition to the move.

A suite of events were set to be held in Auckland throughout the year, as major infrastructure projects neared completion.

The long-delayed International Convention Centre was finally due to open on Wednesday.

The new International Convention Centre. (File photo) New Zealand International Convention Centre

Construction of the Convention Centre began back in 2015 and was initially supposed to take 38 months, but had been plagued by a budget blow-out and legal wrangling.

“We’ve been waiting for such a long time. [Convention centres] are hard to make money out of.

“I understand it’s booked up pretty well, so it will bring in conventions and it will be part of the tourist offering. But that whole tourist thing is a bit of a question for us.”

The New Zealand leg of SailGP also returned to the waters of Waitematā Harbour this weekend.

Brown told Morning Report both events were a positive for the supercity.

“Those are two good things on this week, that’s for sure,” he said.

“It’s a big year really when you think about it.

“The Polo finals and the Blues and Chiefs are playing shortly. There’s a lot of sport,” he said.

Another long overdue milestone, the City Rail Link was also due to be completed later this year.

The Ocean Race, formerly known as the Round the World Race, was scheduled to return to the City of Sails in 2027.

Brown wasted no time pointing to the small matter of the Election, another major event pertinent to Auckland residents, he said.

“If you don’t win Auckland, you don’t get to be the government.”

Brown had long campaigned for a bed tax on visitors to help fund destination marketing and events.

He again expressed his desire for the scheme.

“The government can’t bring itself to do that yet, so that they’re raiding tourists at the border. And then central government will tell us how we spend on things, which is something we don’t like.

“All these big events want some money up front. And if we have the bed night levy we will have the money up front.”

Tourism and Hospitality Minister Louise Upston, said a bed tax was not something she was pursuing this term.

“Our government has already announced a number of initiatives to boost tourism and events across New Zealand and in Auckland, including our $70 million major events and tourism package and a regional tourism boost announcement which invests in campaigns to market New Zealand (and Auckland) to overseas visitors.”

Upston said the government was firmly focused on growing the economy, including the Auckland economy, and tourism and major events remained integral to that.

“I recognise there’s been an interest in bed tax and am also aware of Wayne Brown’s recent comments.”

In response to Auckland’s lagging economy and high unemployment rate, the mayor said “it had its own ideas”.

Council-led initiatives such as the Auckland Innovation & Technology Alliance showed the council was better suited than the government in driving investment into the city, Brown said.

“Economic development; we’ve decided that council will lead this, because the government doesn’t quite know how to do that.”

When asked if he felt the government had dropped the ball, he replied “they hadn’t didn’t pick it up”.

“They’re not quite sure where it is/ There’s a lot we can do ourselves as well. Instead of them initiating things, we just want them to help with what we’re going to initiate.

“There’s too much centralised decision making in this country.”

Minister for Auckland, Simeon Brown said the government was focused on rebuilding the economy and Auckland was central to that.

“That’s why we’re fast-tracking major infrastructure like the $200 million Port of Auckland extension and incentivising business investment through Investment Boost and our Going for Growth agenda.

“The opening of the International Convention Centre and the City Rail Link later this year will further lift jobs and economic activity.”

Simeon Brown said business confidence in Auckland was at its highest in over a decade.

“GDP is up 12.1 per cent on 2019, labour force participation is 72.8 per cent, and CBD office vacancies have fallen for the first time since 2022 – a clear sign businesses are backing the city again.

The Mayor and Auckland Council would be wise to focus on keeping costs down for Aucklanders.”

Supporting a rates cap last week would have been a good first step, Simeon Brown added.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://livenews.co.nz/2026/02/09/auckland-mayor-wayne-brown-says-government-unqualified-to-lead-citys-economic-recovery/

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International Entertainment Corporation to Hold EGM on 26 February 2026 for Proposed Convertible Notes Issuance

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – International Entertainment Corporation (the “Company“, together with its subsidiaries, the “Group“; HKEX stock code: 1009) will hold an extraordinary general meeting (the “EGM”) on 26 February 2026 at 11:00 a.m. for shareholders to vote on resolutions related to the proposed issuance of up to HK$1.6 billion convertible notes (the “Notes“) to DigiPlus Interactive Corp. (the “Subscriber“) (Philippine Stock Exchange stock symbol: PLUS).

DigiPlus Interactive Corp., named as one of the Fortune Southeast Asia 500, together with its subsidiaries, is an innovative digital entertainment group in the Philippines and is a leader in the casinos and gaming industry. On 17 November 2025, the Company entered into the Subscription Agreement with the Subscriber, pursuant to which the Company conditionally agreed to issue and the Subscriber conditionally agreed to subscribe for the Notes in two tranches with a maturity of five years and an interest rate of 3% per annum.

Upon full conversion of the Notes at the initial Conversion Price, a total of 1,600,000,000 Shares will be issued by the Company, representing approximately 53.89% of the issued share capital of the Company as enlarged by the issue and allotment of the Conversion Shares. As such, the Subscriber will be obliged to make a mandatory general offer pursuant to Rule 26.1 of the Takeovers Code, unless the Whitewash Waiver is granted and approved.

The initial Conversion Price of HK$1.00 per Conversion Share represents a discount of approximately 3.85% to the closing price of HK$1.04 per Share as quoted on the Stock Exchange on the Latest Practicable Date (6 February 2026).

The board of Directors (the “Board“) believes that the Subscription would be beneficial to improving and strengthening the Group’s liquidity and financial position on a longer-term basis. In the event that the Subscriber converts part or the full amount of the Notes into the Conversion Shares, it will also broaden the shareholder and capital base of the Company. The Group intends to apply part of the net proceeds raised from the issuance of the Notes of approximately HK$489.22 million for the early repayment of the Promissory Notes and interest accrued thereon (the “PN Repayment“), and approximately HK$392.39 million to early repay the Secured Bank Borrowing to achieve immediate interest savings.

The remaining net proceeds will primarily be used for funding the Investment Commitment and attractive investment/business opportunity(ies); and as general working capital of the Group. The Investment Commitment is currently expected to include capital investments for acquisition of land for the expansion of the Group’s integrated resort in Manila City in the Philippines (the ”Hotel”) and the construction of additional hotel rooms, for provision of other amenities of the integrated resort, and for ongoing upgrades, refurbishments and renovations to the facilities and infrastructures of both the Hotel and the Group’s existing casino (the “Casino“).

The Independent Board Committee, which comprises all the independent non-executive Directors, is of the opinion that (i) the terms of the Subscription Agreement are on normal commercial terms, and the terms of the Subscription, the Whitewash Waiver and the Special Deal (the PN Repayment to the PN Holder) are fair and reasonable so far as the Independent Shareholders are concerned; and (ii) the Subscription, the Whitewash Waiver and the Special Deal are in the interests of the Company and the Shareholders as a whole and as far as the Independent Shareholders are concerned. It, therefore, recommends the Independent Shareholders to vote in favour of the relevant resolution(s) to be proposed at the EGM.

Hashtag: #InternationalEntertainmentCorporation

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

LiveNews: https://livenews.co.nz/2026/02/09/international-entertainment-corporation-to-hold-egm-on-26-february-2026-for-proposed-convertible-notes-issuance/