LISTED gaming technology provider DFNN Inc. is raising P250 million from a private placement for the company’s capital expenditures.
In a disclosure to the Philippine Stock Exchange, DFNN said its board of directors approved the sale of 100 million preferred shares—equivalent to 41.44 percent of the total shareholdings in the company—to institutional investors.
The shares were priced at P2.50 apiece or P250 million for the block. Only 19 institutional investors will be considered for the private placement.
Proceeds of the share sale will be used for “capital expenditures and working capital.” The timetable for the offer is subject to approval by the Securities and Exchange Commission (SEC).
Earlier, DFNN announced it will undergo a quasi reorganization to reduce the company’s deficit in a bid to improve its financials.
In the first half of the year, DFNN’s comprehensive income reached P2.83 million—a turnaround from the P26.48 million in net loss a year earlier.
DFNN earlier said it was expanding the footprint of its electronic gaming machines and triple its existing terminals by year end. The firm operates the electronic gaming machine Instawin. Its games include programs from popular developers such as PlayTech, SG8, PlayNGo and SHL.