Singapore firm to invest $5 million in DFNN unit

MANILA, Philippines - Pacific Gaming Investments Pte Ltd. (PGI), a majority owned subsidiary of publicly-listed DFNN, has inked a binding subscription agreement with Singaporean company Straitwey Pte. for the latter’s acquisition of an initial $5 million worth of primary shares in PGI.

Straitwey, a wholly owned subsidiary of the Japan Gaming Development Organization (JGDO), is the corporate vehicle for investments in projects within the gaming industry. It intends to invest around $7 million in PGI, with the valuation of the investment at $255.98 per share.

DFNN currently owns 226,396 shares of PGI. The total outstanding number of shares in PGI prior to the investment is 284,385. 

Meanwhile, $2 million worth of shares of PGI will be acquired by Straitwey from designated current shareholders in the form of secondary shares, DFNN told the Philippine Stock Exchange (PSE).

DFNN said the investment into PGI will be used to partially fund an increase in its investment in Inter-Active Entertainment Solutions Technologies Inc (IEST), which currently operates an online gaming operation under authority of the Philippine Gaming and Amusements Corp. (Pagcor), working capital needs of PGI, and other further investments in the gaming industry.

IEST is engaged in providing software and information technology solutions for sports betting companies. It has contracts to supply equipment to Pagcor.

PGI and IEST are both subsidiaries of DFNN, an IT solutions provider and systems integrator.          – Mary Ann Reyes