SINGAPORE, July 07, 2026 (GLOBE NEWSWIRE) -- Ice Code Games S.A. ("ICG"), listed on the NewConnect market of the Warsaw Stock Exchange, has signed a non-binding letter of intent with AMIHAN Innovations Limited ("AMIHAN") under which ICG would acquire 100% of AMIHAN in exchange for newly issued ICG shares. If completed, the transaction would reposition ICG into a publicly listed Real-World Assets ("RWA") company focused on land and real estate, the first listed vehicle of its kind on the Polish public market.
The proposed transaction. The preliminary valuation of AMIHAN is USD 15 million and the indicative valuation of ICG is USD 10 million, implying an aggregate value of approximately USD 25 million. AMIHAN shareholders would hold approximately 60% of ICG following completion, with ICG shareholders retaining approximately 40%. For the transaction, AMIHAN will establish a new EU-registered entity with an identical shareholder structure, to which all material RWA activity will be transferred.
The parties have agreed a three-month exclusivity period and target a detailed term sheet by 31 July 2026. Global Pivot Equity serves as advisor to the transaction. The LOI is non-binding; completion remains subject to satisfactory due diligence, definitive documentation, corporate approvals, and applicable regulatory and market requirements.
About AMIHAN. AMIHAN acquires and owns titled land and real estate, holds each asset in audited, independently valued vehicles, and makes ownership accessible to qualified investors through a compliant digital platform aligned with the EU's MiCA framework. Its portfolio is anchored by a private island resort in the Philippines, with a diversified pipeline across South-East Asia, Africa and the Nordics. The founding team has executed more than USD 4 billion in real estate transactions and been involved in nine or more public listings.
Leadership. It is envisaged that, following completion, ICG would operate under the leadership of the AMIHAN team, with Robin H. Karlsen assuming the role of President of the Management Board and CEO of ICG.
"This letter of intent gives ICG a credible path to a genuine strategic transformation," says Pawel Laskarzewski, President of the Management Board of Ice Code Games S.A.
"What we are building rests on real, physical assets we already own. A European public listing would give AMIHAN direct exposure to the public capital markets," says Robin H. Karlsen, Founder & CEO of AMIHAN.
Contact:
Robin H. Karlsen, CEO, Amihan
rk@amihan.io
