Based on a disclosure statement to the Philippine Stock Exchange, LRWC will subscribe to 40,000 new shares to be issued by First Cagayan at a price of P800 per share for an aggregate amount of P32 million.

Upon issuance, LR’s ownership in First Cagayan will increase to approximately 50.75 percent. At present, LR owns 35 percent of First Cagayan’s outstanding capital stock.

First Cagayan is a service provider for the online gaming industry. It is Cagayan Economic Zone Authority’s (CEZA) duly appointed Master Licensor for Internet gaming operations within the Cagayan Special Economic Zone and Free Port (CSEZFP).

First Cagayan, on behalf of CEZA, processes applications from and, upon approval, issues licenses to international operators wanting to locate within CSEZFP.

As Master Licensor, it is also tasked to regulate and monitor all Internet gaming related activities to ensure compliance with established rules and regulations governing operations.

LR president Alfredo Benitez said "the direction of the company is to become a major gaming concern not just here (in the Philippines) but in the region.

"To this end, we are looking to capitalize on the opportunities in the -billion global online gaming industry, which is projected to double within the next three to five years, most of the growth of which will come from the Asian region," Benitez said.

The acquisition of First Cagayan was seen by analysts as the first part of a diversification strategy by the company as well as a unique opportunity to become a participant in the fastest growing sector in the Internet.