THE board of DFNN Inc. has approved the incorporation of another unit that will serve as its entry into offshore gaming operations.
In its disclosure to the Philippine Stock Exchange, DFNN said it is incorporating Nico Bayan Inc., which will have a capital stock of P15 million. Out of the subscription of DFNN, it will own 100 percent of the outstanding shares of capital stock of Nico Bayan worth P5 million.
“The incorporation of Nico Bayan is intended to be used as a vehicle for the expansion of its offshore gaming operations,” it said.
It did not give further details.
The board of DFNN, a firm that operates gambling kiosks and supplies software solutions to other firms, also resolved to authorize the amendment of paragraph (f) of the Secondary Purposes in the Second Article of the Articles of Incorporation to allow the company to borrow money.
The said funds will be “in aid of the corporation’s purposes, and for such purposes to issue, receive, and hold bonds, notes and obligations, and to guarantee the obligations of any entity it has legal interests in, whether directly or indirectly,” it said.
DFNN, formerly known as Diversified Financial Network Inc., was incorporated in 1999 as an information-technology solutions provider and systems integrator. It then transformed itself into a gambling software company.
With the advent of the opening of the regulated gaming industry—both land-based and electronic—in Asia, DFNN created a division to cater to the needs of the emerging Asian gaming industry, it said.
“The company is currently delivering innovative new game content through a wide array of products, systems and solutions,” it said.