Philippines gaming and technology form DFNN Inc said Friday its Board of Directors has approved the private placement of up to Php450 million (US$8.1 million) in shares in order to invest in new gaming platforms, among other initiatives.
In a filing, DFNN said it wanted to raise additional capital in order to pay off some existing debts as well as to “to expand the business by venturing into cybersecurity and Artificial Intelligence business, and/or [to] create or acquire new gaming platforms. Part of the funds would also be used to pay taxes and fees for the issuance and listing of the new shares arising from the private placements, it added.
DFNN’s partner in other business ventures, Nautilus International Management Corp, has been appointed to find investors, the company explained. A shareholders meeting has been scheduled for 17 May to approve the placement of shares and their listing on the Philippine Stock Exchange.
DFNN’s interests include the provision of online gaming platforms for local casino operators. It also holds licenses for Electronic Gaming Machines (EGMs), operates a sports betting exchange, and runs digital and pari-mutuel games in partnership with gaming regulator PAGCOR.
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