MANILA, Philippines - Publicly listed information technology firm Diversified Financial Network Inc. (DFNN) said yesterday that MAA International Assurance Ltd, which currently holds 571,100 common shares of DFNN, has indicated interest to increase its shareholdings by means of private placement of primary shares based on market prices.
DFNN officials revealed that the initial discussions regarding their intention is to increase their holdings to close to 10 percent of outstanding or enough shares to acquire a board seat. MAA International is associated with Malaysian royal and businessman Tunku Yaacob Bin Tunku Abdullah.
In a disclosure to the Philippine Stock Exchange, DFNN said that proceeds from any private placement, should it be agreed by the respective company’s shareholders, will be used to expand the rollout of DFNN’s IT systems and investee companies inclusive of the investee company - IEST, to assist in rolling out an estimated backlog of approximately 300 Instawin Gaming Systems and Xchangebet POS Systems.
DFNN is engaged in IT solutions and systems integration. An integral part of the company’s services is to help companies integrate technology, processes and people while they focus on their core business and their customers, otherwise known as business process outsourcing (BPO). The company’s services are divided into systems integration, programming and customization, consultancy, and gaming development.
DFNN provides proprietary corporate solutions designed to maximize its client’s existing computer infrastructure, which can be integrated with various front and back office systems that cater mainly to financial institutions, thus requiring high reliability and secure working environments. The company also continues to develop various 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 (GPRS), Wireless Fidelity (Wi-Fi), and 3rd Generation Wireless (3G).
With the advent of the opening of the regulated gaming industry, both land-based and electronic in Asia, DFNN has created a division to cater to the needs of the emerging Asian gaming industry. The company is currently delivering innovative new game content through a wide array of products, systems and solutions.
DFNN’s subsidiaries are Pacific Gaming Investments Pty. Ltd., Hatchasia Inc., and Intelligent Wave Philippines Inc.
During the first six months of 2011, DFNN posted a net loss of P4.5 million, an P8.4 million improvement from the same period last year despite a decline in revenues, from P49 million to P31.1 million.