SEC okays DFNN stock rights offer

The Securities and Exchange Commission has approved the P54.65-million stock rights offering of listed application service provider Diversified Financial Network Inc.

DFNN will offer 27.32 million common shares at P2 per share. The shares, representing 28.57 percent of the company’s issued and outstanding capital stock, will be listed in the second board of the Philippine Stock Exchange.

The company is engaged in the business of developing, operating and maintaining web-based and wireless applications and training for major corporate customers with strength in solutions for financial institutions.

Tapped as lead underwriter for the offering is Amalgamated Investment Bancorporation.

Net proceeds from the shares, estimated to be around P49.57 million to P51.12 million, will be used to finance working capital requirements.

Listed as shareholders of DFNN as of June 30, 2003 are Ramon Garcia Jr., Jean Henri Lhuillier, GEM Global Yield Fund, and Transnational Diversified Corp.

DFNN is one of the pioneer providers of access to Internet-based stock market investing, financial and other value-added services not only in the Philippines but in South and Southeast Asia as well. It specifically provides proprietary order routing software technology for free to stock brokerage firms that would enable their on-line clients to buy and sell listed securities through the Internet.

The same software technology allows the on-line clients of DFNN’s participating stockbrokerage firms access to real-time stock price and volume quotes via the internet. DFNN, through its web site, provides the general public 24 hours free access to timely news, stock market and economic indices, background information on and updated prices of selected stocks, stock market-related technical charts, graphs and other information necessary for prospective investors to make sound investment decisions. The company also provides web-based advertising services to individuals and corporations. – Zinnia dela Peña