A SUBSIDIARY of gaming and technology firm DFNN, Inc. has received a letter of no objection from the Foreign Investment Review Board (FIRB) of Australia on its planned acquisition of a casino operator listed on the Australian Stock Exchange.
In a disclosure to the stock exchange on Wednesday, DFNN said HatchAsia, Inc.’s letter from Australia’s FIRB removes the obstacle regarding government regulatory procedures on foreign investments and contributes to the company’s plan to acquire 92% interest in Silver Heritage Group Ltd.
DFNN said the FIRB letter is an important step under HatchAsia’s recapitalization under the Deed of Company Arrangement as permitted by the Australian Stock Exchange, and is subject to the approval of Silver Heritage shareholders.
The transaction will take effect through the acquisition of shares amounting to 92% of the issued share capital of Silver Heritage via the consolidation of shares of existing shareholders and the new issuance of ordinary shares to HatchAsia subsidiary Hatch Australia Holdings Pty Ltd.
“The successful conclusion would eventually result in the HatchAsia shareholder-controlled entity being listed on the Australian Stock Exchange and DFNN owning part of the listed entity,” the disclosure said.
In September, DFNN said the transaction was worth P18.74 million or some AU$530,000 in cash and 3% of the issued shares in Silver Heritage.
DFNN owns 18.98% of HatchAsia. Meanwhile, Silver Heritage is an Australia-listed casino operator that has two casinos in Nepal and has businesses in Laos and Cambodia.
On Wednesday, shares of DFNN in the stock exchange rose 21.61% or 67 centavos to close at P3.77 per piece. — Revin Mikhael D. Ochave