MANILA, Philippines — DFNN, the listed gaming technology firm, is doing a stock rights offering to provide additional capital for its planned expansion.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, DFNN said it is proceeding with its stocks rights offering via an increase in its authorized capital stock to P1 billion.
The new capital consists of 900 common shares with a par value of P1 per share; and 100 million preferred shares with a par value of P1 per share.
DFNN said the move is in line with efforts to “take advantage of the opportunities present in the market that has been further accelerated by the pandemic and to further expand into interconnecting and adopting interactive technologies.”
The number of shares to be offered is 162.3 million shares, but other details such as the offer period and record date of eligible shareholders to participate in the offering have yet to be disclosed.
DFNN said the stock rights offering is subject to regulatory approval and that necessary adjustments would be made to the company’s share price and outstanding shares.
Proceeds would be used “to expand into interconnecting and adopting interactive technologies; and to provide capital for the company’s planned extensive technology and marketing strategies, which will increase its market share.”
DFNN is a gaming technology firm, which currently serves over 200 gaming outlets nationwide. It plans to introduce new outlets, products and technology.
It continues to develop various interactive mobile, wide area network, and wireless solutions for business operations requiring effective and 24x7 reliable operations.
DFNN also develops and enhances advances with technology to include other wireless technologies such as General Packet Radio Service, Wireless Fidelity, WiMAX and Nth Generation Wireless protocols.
Its subsidiaries include Inter-active Entertainment Solutions Technologies Inc., PGI Systems PTE Ltd., iWave Inc., Nico Bayan Inc. and Lucky U Inc.