DFNN to list on Singapore exchange

MANILA, Philippines — DFNN Inc. subsidiary iWave Inc. will soon be listed at the Singapore Exchange (SGX) with the planned acquisition of the listing status of China Sky Chemical Fibre Co. Ltd.

In a disclosure to the Philippine Stock Exchange yesterday, DFNN said iWave has entered into an agreement with China Sky to transfer the latter’s listed status to iWave in a deal valued at SGD$4.45 million ($3.2 million).

“The consideration shall be in the form of shares in the listing vehicle to be distributed among eligible creditors and eligible shareholders of China Sky via a Scheme of Arrangement as allowed under SGX rules,” DFNN said.

China Sky and iWave Inc. are in the process of negotiating an implementation agreement.

iWave, led by its president and CEO Ramon Garcia, also concurrent DFNN chairman, is a leading fintech company engaged in systems integration, software and technology development.

“DFNN shareholders welcome iWave’s planned listing in SGX. Once completed, iWave will become one of only three Filipino companies to be listed in the prestigious Singapore Stock Exchange. Aside from credibility, SGX listing will give our firm greater access to global capital and the chance to offer our services to a wider customer base,” Garcia said. iWave is 49 percent owned by DFNN.

Garcia said the listing would further expand DFNN’s footprint in Singapore and across the region.

iWave is taking advantage of the city-state’s warm reception to investors. Singapore has a stated policy of welcoming investors around the world to locate in it, with Dyson as the latest example.

The company  provides software consultancy, systems integration and services to financial institutions. Its areas of expertise are in the payment gateway, core banking systems, audit platforms, credit card systems, secure identification and capture, and cyber security.

Some of its major clients are manufacturing firms, retail outlets and other companies that seek ways to improve operations through latest technologies.

iWave is among DFNN’s existing subsidiaries which include Inter-active Entertainment Solutions Technologies Inc., HatchAsia Inc. and PGI Systems Pte Ltd.

DFNN is a gaming technology firm which currently serves over 200 gaming outlets nationwide. It plans to introduce new outlets, products and technology.