DFNN raises capital to P500 M

Manila, Philippines - Publicly-listed DFNN Inc. is set to more than triple its authorized capital stock to fund the expansion of its gaming systems arm due to increased business partnership with Philippine Amusement and Gaming Corp. (Pagcor).

DFNN corporate information officer Patricia de las Cagigas said in a disclosure that the company’s board of directors agreed to apply for an increase in its authorized capital stock to P500 million from P150 million.

The higher capital base would allow the company to undertake fund raising activities to bankroll its expanding businesses.

Furthermore, the increase in the number of shares would also allow the company to enter into strategic partnership with foreign and local investors.

Likewise, she said the DFNN board of directors was also apprised about the developments in Inter-Active Entertainment Systems Technologies Inc. (IEST) that was acquired last year through a direct capital infusion.

DFNN’s gaming systems through IEST has been approved for deployment in over 29 Pagcor authorized venues. IEST upgraded the Instawin Gaming platform used by Pagcor to feature more games. It now has over 80 new games.

Incorporated in June 1999, DFNN is engaged in information technology solutions and systems integration. With Asia opening up to gaming, the firm has created a division to cater to the needs of the emerging industry.