A SUBSIDIARY of gaming firm DFNN, Inc. is preparing to get listed in Singapore by acquiring the listing status of China Sky Chemical Fibre Co., Ltd.
The listed technology company on Wednesday told the stock exchange that its 49.36%-owned unit iWave, Inc. entered into a binding term sheet with the Singaporean manufacturing firm, which will transfer its listing status in the Singapore Exchange, Ltd. (SGX) to the former for S$4.45 billion.
“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.
Presently, China Sky is managed by an independent judicial manager as it underwent debt restructuring.
Both companies are still drawing up an implementation agreement for the listing transfer deal. “Additional information will be provided when it is available,” DFNN said.
Other Philippine-listed firms that are also listed in SGX are Del Monte Pacific, Ltd. and Rizal Commercial Banking Corp.
iWave is a financial technology firm engaged in systems integration, software and technology development.
In April, DFNN incorporated a new subsidiary that will hold its future acquisitions.
On Wednesday, shares in DFNN grew by 1.97% to close at P3.11 each. — Adam J. Ang