DFNN, INC. is expanding its offshore gaming business with the establishment of a new unit valued at P15 million.
In a disclosure to the stock exchange Wednesday, the listed firm said its board of directors has authorized the incorporation of Nico Bayan, Inc., which will have an authorized capital stock of P15 million.
DFNN said it will subscribe to P5 million worth of outstanding shares in Nico Bayan.
“The incorporation of Nico Bayan is intended to be used as a vehicle for the expansion of its offshore gaming operations,” the company said.
This move comes amid the increasing presence of Philippine Offshore Gaming Operators (POGOs) in Metro Manila, with real estate consultancy Leechiu Property Consultants expecting the sector to take up a total of 450,000 square meters of office space in the metro by year’s end.
There are currently 56 licensed POGOs, according to the Philippine Amusement and Gaming Corp.
Incorporated in 1999 originally as an IT solutions provider and systems integrator, DFNN is now involved in systems integration, programming and customization, consultancy, and gaming developments.
DFNN currently engages in online gaming services, with its subsidiary Pacific Gaming Investments Pty. Ltd. working on game developments for the firm, HatchAsia, Inc. for management and technology expertise, and iWave, Inc. for system integration software and technology development.
The company said it looks to cater to the needs of the emerging Asian gaming industry with new gaming content through a wide offering of products, systems, and solutions.
DFNN recorded a 64% drop in its net income attributable to the parent to P18.41 million in the first quarter of 2019, amid a four percent increase in gross revenues to P308.29 million.
Shares in DFNN climbed 0.17% or a centavo to close at P6.01 each at the stock exchange on Wednesday. — Arra B. Francia
