By Jenniffer B. Austria

Asia-Pacific gaming group Asian Logic Ltd. has deferred plans to invest in listed Leisure and Resorts World Corp. because of adverse market conditions.

Leisure and Resorts, in a disclosure to the stock exchange, said it would recall the issuance of 37 million shares to Asian Logic after the latter indicated its intent to defer indefinitely its planned subscription to Leisure and Resorts’ shares.

“The corporation and Asian Logic have agreed to revisit the planned subscription to such time when the market conditions are more stable,” Leisure and Resorts said.

Asian Logic Ltd. last year entered into a strategic agreement with Leisure and Resorts to operate a land-based sportsbook operation.

Asian Logic, a corporation incorporated in British Virgin Islands, and Leisure and Resorts agreed to acquire a new local company to engage in a land-based sportsbook operation services.

In exchange for the investments in the new company, Leisure and Resorts, over a period of three years, will issue up to 342 million company shares to Asian Logic, or equivalent to 30 percent of the company’s total authorized capital stock.

Leisure and Resorts has so far issued 37 million shares out of the unissued portion of its authorized capital stock in favor of Asian Logic at the subscription price of P3.10 per share, or for a total of P114.7 million.

The shares are equivalent to 4.57 percent of the new total issued and outstanding shares of Leisure and Resorts.

Asian Logic also planned assist Leisure and Resorts in expanding the number of betting outlets, increase the number of sports offered to punters and boost betting turnover and profits.

Asian Logic had planned to invest $4.5 million into the new company.