Warsaw-listed Ice Code Games S.A. has announced a significant strategic pivot through a planned acquisition of AMIHAN Innovations Limited. This non-binding letter of intent values the combined entity at approximately $25 million, aiming to create the first publicly traded Real-World Asset (RWA) company in Poland. The all-share transaction will reposition ICG from a gaming company to a specialist in tokenized land and real estate.
A Landmark Transaction for the Polish Market
The proposed merger values AMIHAN at $15 million and Ice Code Games at $10 million. Upon completion, AMIHAN's shareholders are expected to hold a majority stake of approximately 60% in the newly structured company. ICG's existing shareholders will retain the remaining 40%, participating in the firm's new strategic direction.
This deal marks a complete transformation for ICG, moving it away from game development into the burgeoning RWA sector. Paweł Łaskarzewski, President of Ice Code Games, described the agreement as a "credible path to a genuine strategic transformation." The move leverages ICG's public listing to build a novel investment vehicle focused on tangible assets.
AMIHAN's Innovative Real-World Asset Platform
AMIHAN specializes in acquiring and owning titled land and real estate, making ownership accessible through a compliant digital platform. The company structures each asset in audited, independently valued vehicles aligned with the European Union's MiCA framework. This model provides qualified investors with a modern, regulated way to invest in property.
The company's portfolio is anchored by a private island resort in the Philippines and includes a diversified pipeline across Southeast Asia, Africa, and the Nordics. AMIHAN's founding team brings significant expertise, having executed over $4 billion in real estate transactions. Their experience also includes involvement in more than nine public listings, underscoring their capital markets proficiency.
New Leadership and Path Forward
Following the transaction's completion, the combined entity will operate under the leadership of the AMIHAN team. Robin H. Karlsen, AMIHAN's Founder and CEO, is set to assume the role of President and CEO of the new company. Karlsen noted that a European public listing would provide AMIHAN with "direct exposure to the public capital markets."
The parties have agreed to a three-month exclusivity period and aim to finalize a detailed term sheet by July 31, 2026. The letter of intent remains non-binding, with the deal's completion contingent on satisfactory due diligence and necessary corporate and regulatory approvals. Global Pivot Equity is serving as the financial advisor for this transformative transaction.
The proposed acquisition of AMIHAN by Ice Code Games represents a pioneering move to establish a publicly listed RWA company in Poland. This strategic merger combines ICG's public market access with AMIHAN's innovative real estate platform and experienced leadership. If finalized, the transaction could create a unique investment opportunity and set a new precedent for asset tokenization in the European public markets.