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DFNN forming new subsidiary

AJ Bajo

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Listed gaming technology provider DFNN Inc. is incorporating a wholly owned subsidiary intended as a holding vehicle for future asset acquisitions.

In a disclosure to the stock exchange on Wednesday, DFNN said the new business entity has an authorized capital stock of P100 million and subscription of P25 million fully subscribed by DFNN.

The company’s board of directors authorized the plan on 31 March 2020.

“The incorporation of this wholly-owned subsidiary is intended to be used as a holding vehicle for future asset acquisitions as may be deemed proper by the Board,” DFNN said.

DFNN is primarily engaged in providing IT solutions including systems integration, programing and customization, consultancy and gaming development.

In an earlier interview, DFNN president and chief executive officer Calvin Lim said the company is allocating a significant amount of investment for research and development this year as part of move to support the company’s long-term sustainability.

Lim said DFNN is focusing on new technologies and mulls over venturing into education technology in 2020 “if everything goes well.”

He added the company is setting aside immediate plans to enter the Philippine offshore gaming operations industry, saying it could take some time for DFNN to finalize the terms and conditions for the deal it inked with a US mobile lottery provider, under which it will serve as a Philippine offshore gaming operations service provider through its unit Nico Bayan Inc.

The company is relying on revenues from its financial technology segment to grow at a double-digit rate in 2020.

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