Ice Code Games buys AMIHAN in $15M stock deal to pivot into asset tokenization
What's the deal? Poland's Ice Code GamesDealroom has a profile for this one. Try Dealroom → (ICG), a NewConnect-listed game developer, has signed a binding agreement to acquire 100% of Estonia-based AMIHANDealroom has a profile for this one. Try Dealroom → in exchange for newly issued stock. The deal marks a pivot from game development toward real estate and Real-World Asset (RWA) tokenization. PKF AdvisoryDealroom has a profile for this one. Try Dealroom → valued AMIHAN's equity at roughly $15 million (about PLN 57 million); ICG is valued at approximately PLN 38 million under the agreement.
What's the endgame? AMIHAN brings an international pipeline of land and real estate projects plus cross-border deal-sourcing; ICG offers public-market access, reporting infrastructure, and existing AI and blockchain capabilities. Together they aim to build a repeatable platform for sourcing and financing successive real-asset ventures — not a single project.
How does it work? AMIHAN's model prioritises the underlying asset — land, rights, legal structure, and financing — with tokenization added afterward to support financing and reporting. Its flagship is the Mercedes Island / Apuao Grande project in the Philippines, alongside ventures across Southeast Asia, Africa, and the Nordics.
What changes? AMIHAN shareholders will hold at least 60% of ICG after the share issuance, with existing shareholders retaining no more than 40%, excluding future warrants. AMIHAN is also consolidating its RWA activities into the new EU-based AMIHAN OÜ, succeeding the BVI-registered AMIHAN Innovations LimitedDealroom has a profile for this one. Try Dealroom →.
What's next? Remaining steps include preparing in-kind contribution documents, resolving ICG's debt, securing corporate approvals and shareholder resolutions, then transferring shares and registering with KDPW for NewConnect trading. Separately, FinGames LendingDealroom has a profile for this one. Try Dealroom → will convert €150,000 of its ICG loan into 6.525 million shares at PLN 0.10 each and receive 43 million warrants exercisable at the same price through end-2027 — worth up to PLN 4.3 million if fully exercised.
What could go wrong? Exact share counts remain unfinalised, and closing hinges on debt resolution, approvals, and shareholder consent. Co-founder Krzysztof Caruk called FinGames' move a deliberate equity commitment alongside its lending role.
The signal: The deal reflects growing interest in tokenizing real-world assets, and shows a listed developer restructuring its entire business around the trend. Post-closing, ICG plans a new 2027–2030 strategy and expanded investor communications.
Read more: finance.yahoo.com
Image credit: Generated with Gemini
